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Simple Real Estate Partnership Agreement Template

Image 1

Prepared for:

[SecondPartner.FirstName][SecondPartner.LastName][SecondPartner.Company]

Prepared for:

[FirstPartner.FirstName][FirstPartner.LastName]

[FirstPartner.Company]

This Agreement is designed and considered effective on this day [Document.CreatedDate] between [FirstPartner.FirstName][FirstPartner.LastName] and [SecondPartner.FirstName][SecondPartner.LastName].

Name and Business

The partnership’s name shall be (Partnership title), referred to as Partnership in this agreement. The office and the business place of this Partnership shall be at [Partnership.StreetAddress], city of, [Partnership.City] and state [Partnership.State]. The partners are allowed to get into other ventures and businesses regarding real estate to achieve success in this Partnership.

Term

Investment Contributions by General Partners

  • All the General Partners should contribute cash as mentioned in Exhibit A opposite their names. This cash shall be referred to as the initial capital.

  • Besides cash, the partners should contribute their interest right and title in a real estate property present for purchase or sale. The details of the property can be found in Exhibit B.

Limited Partners’ Contribution

All the Limited Partners shall be responsible for contributing the cash amount mentioned against their names in Exhibit C.

Profit and Loss

All the net losses and profits in this Partnership shall be divided among the partners according to the proportion mentioned opposite to their names in Exhibit D.

Partnership Capital Accounts

The Partnership is responsible for creating and maintaining separate capital accounts for each partner, holding their capital contributions. No partner shall be able to withdraw cash from their account without the consent of other partners. All the interest will be paid on the partner’s income account.

Income Accounts

This Partnership will maintain separate income accounts for each partner, and any profit or loss shall be charged against this account. If a partner’s income account has a negative balance, the losses incurred shall be charged against their capital account.

Salary and Drawings

There is no salary for any service performed for the Partnership. All the profits earned shall be distributed at the end of every month or as determined by the Partnership.

Management

Each partner has an equal right to maintain the management of this Partnership. Every partner agrees to spend as many resources and time on this Partnership as possible.

No single partner has the authority to make decisions for this Partnership without involving other partners.

Each partner has the authority to make only

Significant

Ordinary

Both decisions are on behalf of the other partners.

Partnership Dissolution

All partners agree to dissolve the Partnership at any time with the consent of

All Partners

Majority of the Partners

Other third parties

As soon as the Partnership dissolves, the Partners must wind up all the Partnership-related affairs.

Partner’s Retirement

A Partner is allowed to retire from the Partnership

  • At their preferred time

  • At the end of the fiscal year

  • A calendar month’s end

  • Only after (number of years) after the formation of this Partnership

After the decision of a Partner to retire, the remaining partners can decide whether to liquidate this Partnership or continue establishing its business.

Partner’s Death

If a Partner passes away, the remaining Partners shall decide whether to liquidate the Partnership and continue buying or selling properties after purchasing the deceased partner's interest.

Transfer Restrictions

No Partner is permitted to sell, assign or dispose of their interest in any manner without the consent of other Partners in this Partnership.

Arbitration

An arbitrator shall settle any unresolved dispute arising between the Partners. Any written decision made by the arbitrator shall be final and binding on all the Partners.

Binding Effect

This Agreement is binding upon the benefit of all Partners and their heirs, legal representatives, executors, and administrators.

Governing Law

All the terms of this Agreement shall be constructed per the state's laws [Partnership.State].

Amendments

This Agreement can be amended after receiving a written agreement signed by all the Partners.

Notices

Any communication or notice made to a Partner should be in writing and must be handed over or delivered by post immediately.

In Witness Whereof, this Partnership Agreement was created and delivered on the date mentioned above.

Signature
MM / DD / YYYY

Signature
MM / DD / YYYY

[FirstPartner.FirstName][FirstPartner.LastName]

Signature
MM / DD / YYYY

[SecondPartner.FirstName][SecondPartner.LastName]

MM / DD / YYYY

[ThirdPartner.FirstName][ThirdPartner.LastName]

[Representative.FirstName][Representative.LastName]

Signature

Simple Real Estate Partnership Agreement Template

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