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They are: A list of buyout conditions that could trigger the agreement (divorce, bankruptcy, death, etc) A structure for the partners to buy or sell their interest in the business. A recent valuation of the company. Sources of funding for any purchase or sale of a partners business interest.
To avoid future conflicts and to protect their interests, business co-owners generally need a buy-sell agreement. Without one, an unanticipated event can damage and even destroy a business.
In Vermont, a seller can get out of a real estate contract if the buyers contingencies are not metthese include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale.
At its most basic, a purchase agreement should include the following: Name and contact information for buyer and seller. The address of the property being sold. The price to be paid for the property. The date of transfer. Disclosures. Contingencies. Signatures.
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