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Real Estate Limited Partnership Agreement | USA
Create a limited partnership for purchasing investment real estate properties in the USA under this Real Estate Limited Partnership Agreement.
- In addition to cash contributions to capital, the general partners will contribute to the partnership certain real estate property under a contract for purchase and sale.
- The partnership assumes all of the purchaser's obligations under this contract, except for the payment of costs associated with the purchase transaction, which will be paid by the general partners.
- Partnership profits and losses will be distributed among or borne by the partners in proportion to their capital contributions.
- Proceeds from the sale of any property or asset held by the partnership will be allocated among the partners in amounts equal to their cash contributions, and a portion of the balance allocated proportionately among the partners in proportion to their capital contributions.
- None of the partners will receive a salary or be entitled to draws for services rendered on behalf of the partnership.
- No Limited Partner shall have the right to substitute an assignee as contributor in his place.
- This template is provided in MS Word format, and is easy to download, edit with your specific details, and print.
- This legal form is governed by the laws of the United States.
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Real Estate General Partnership Agreement | USA
Set up a general partnership for buying, developing and leasing real estate properties with this USA Real Estate General Partnership Agreement template.
- Cash flow of the partnership will be distributed among the partners in the same proportion as profits and losses are allocated.
- If the income produced by the partnership properties is not sufficient to pay operating costs, the partners will contribute additional funds in proportion to their capital interests.
- If a partner fails to make his/her contribution, the other partners may contribute additional funds, which may be treated either as additional capital or as a loan to the defaulting partner.
- A partner may transfer all or part of his interest to or for the benefit of a spouse or descendant(s).
- If a partner wants to transfer all or part of his interest to someone other than a family member, the other partners have a first right of refusal to purchase the interest.
- The partnership can be terminated by a majority vote (based on interests). Upon termination the partnership assets will be sold and any net proceeds will be distributed to the partners in proportion to their capital interests.
- The USA Real Estate General Partnership Agreement template is available as a downloadable Microsoft Word file, which is fully customizable to meet your needs.
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LLC Operating Agreement for Real Estate | USA
Set the terms by which an LLC will buy, develop and lease real estate property with this easy-to-use LLC Operating Agreement for Real Estate Developer.
- This 11-page agreement template establishes the formation of a multi-member limited liability company in the United States for the purpose of purchasing, developing, operating, leasing and/or selling real estate properties.
- The members are responsible for managing the business and affairs of the LLC and may appoint one or more managers to delegate that authority to.
- Provisions for admitting new members and for existing members to transfer their interest.
- Provisions for tax and accounting procedures. The LLC is treated as a partnership for U.S. federal tax purposes.
- Provisions for dissolution of the LLC, liquidation and distribution of the assets on a pro rata basis after payment of the LLC's obligations.
- This is a U.S. template which can be used in most states. Check with the Secretary of State in your area to find out what else is required.
- An LLC can be a cost-effective and efficient structure for a real estate developer.
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