A real estate partnership contract is a partnership contract drafted when two individuals or organizations are joint owners of a real estate or planning to buy a property which they will own on a partnership basis. The details mentioned in the contract include the details of the property as well as clauses of the partnership.
Sample Real Estate Partnership Contract
Real Estate Partnership Contract Number: RE 3456
Effective date of contract: 10th of December 2011
This real estate partnership contract has been drafted and entered into between Henry Lee referred to as partner 1 and John Smith referred to as partner 2 as both the parties intend to enter into a partnership and purchase the real estate located at the below mentioned address:
12 Blue Lagoon Lane,
New York, New Jersey 4567.
Details of the real estate:
Property type: Mansion
Date of establishment of the property: 2nd of December 2009
Total area: 3000 square feet
There are few terms and conditions that both the parties need to agree to:
- The total purchase price of the real estate that is an amount $200000 will be shared equally between both the partners. The purchase price needs to be paid before the effective date of contract.
- Neither of the partners can sell the real estate without the consent of the other partner. There needs to be mutual consent in order to sell the property.
- The maintenance expense of the real estate will be bared by both the partners.
Signature of partner 1: Signature of partner 2:
Henry Lee John Smith