Buy Sell Agreement Between Co-Owners of Real Property: Simplifying document management for real estate professionals

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If your business is solely owned, or owned solely by legally married spouses or registered domestic partners, a Buy-Sell Agreement may not be necessary (although succession planning is still a crucial aspect to consider).
The most common triggers in any buy-sell agreement among the shareholders include the death of an owner, the disability of an owner, the voluntary employment termination of an owner who is also an employee, the divorce of an owner, bankruptcy of an owner, the desire of an owner to just cash out and move on, and the
First, perhaps the most pressing factor that detracts from the benefits of a buy-sell agreement is that it prevents a business owner from selling his interest, while he or she is alive, to others not mentioned in the agreement.
A legally enforceable buyout agreement is a great option for getting one co-owner to commit to purchasing the rights of an exiting/selling co-owner. This allows one co-owner to buy out the other parties and keep the property.
There are three primary types of buy-sell agreements: 1) the redemption agreement, pursuant to which the business purchases the interest of the departing owner, 2) the cross-purchase agreement, pursuant to which the remaining owners buy out the departing owner, and 3) the hybrid agreement, pursuant to which the
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This agreement will confirm that all co-owners are willing to sell the jointly owned property to a third party on the open market. By signing a contract among co-owners, you can lock down the commitment to sell jointly owned property.

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