This passive real estate partnership agreement template has 4 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our passive real estate partnership agreement template:
REAL ESTATE PARTNERSHIP AGREEMENT (PASSIVE) This Real Estate Partnership Agreement (the "Agreement") is effective [DATE], BETWEEN: [INVESTOR NAME], (the "Investor"), an individual with his main address located at OR a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [OWNER NAME], (the "Owner"), an individual with his main address located at: [COMPLETE ADDRESS] Collectively, the Investor and Owner shall be referred to as the "Partners." WHEREAS, the Owner has real estate property located at [ADDRESS OF PROPERTY] ("Property") which is intended to be renovated and sold under this partnership; WHEREAS, the Investor intends to contribute investment capital to the partnership. NOW, THEREFORE, the Partners agree as follows: PURPOSE The purpose of the partnership is to renovate, repair, and sell the Property as expeditiously as possible and to conduct such other activities necessary to accomplish the purpose of this Agreement. FORMATION The Partners hereby develop a Real Estate Partnership Agreement pursuant to the laws of [STATE/PROVINCE]. The said partnership shall be described exclusively by this Agreement, regardless of the way title to Property may be taken. This Agreement shall not be construed as a general partnership between the Partners. TERM The partnership shall begin as of the date of this Agreement and shall be in effect until terminated by mutual consent or when the sales proceeds of the Property are distributed pursuant to the stated provisions, subsequent to the closing of the sale of the Property. CONTRIBUTION OF CAPITAL The Investor shall contribute all money needed to qualify for any financing, renovation and repair of the Property and incur all the expenses for the sale of the Property. NATURE OF PERFORMANCE The Partners shall be solely responsible for the performance and execution of the responsibilities mutually agreed upon. The Investor shall contribute all money required to manage, promote, market, and any other expenses and mortgage payments during the period of ownership of the subject Property and qualify for any financing. The Owner shall be exclusively responsible for the everyday management, renovation, and marketing of the subject Property for resale, thereby protecting the investments for both Partners. PARTNERSHIP DECISIONS All decisions, including but not limited to the purchase of assets by the partnership, any loan or other obligation to be undertaken by the partnership, and the sale of any asset of the partnership shall require the approval of all of the Partners involved in this Agreement. PROFIT AND LOSS Subject to the other provisions of this Agreement, the net profits and losses of the partnership after calculating all the expenses of the sales of the Property, for both accounting and tax purposes, shall accrue to and be borne by the Partners according to the following schedule: S.NO NAME OF PARTNER PROFIT AND LOSS SHARE 1. [NAME OF INVESTOR] (INVESTOR) [PERCENTAGE]% 2. [NAME OF OWNER] (OWNER) [PERCENTAGE]% LANGUAGE OF THE CONTRACT The language of the Agreement shall be the English Language, which shall be the binding and controlling language for all matters relating to the meaning or interpretation of the Agreement. SEVERABILITY If any term, covenant, condition or provision of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, it is the Partners' intent that such provision be reduced in scope by the court only to the extent deemed necessary by that court to render the provision reasonable and enforceable, and the remainder of the provisions of this Agreement shall in no way be affected, impaired or invalidated as a result. MODIFICATIONS
