Why use this legal form?
- To enter a buyout contract between or among co-owners
- A “buyout” means that one or more co-owners purchases from another co-owner
- A buyout agreement is like a purchase contract among the co-owners of jointly owned property
- This is often a good way to avoid litigation over jointly owned property
- This legal form can be used by either attorneys or non-attorneys.
How does it work?
- Use our automated document builder to create your agreement
- Download the Word document and edit if necessary
- Sign the agreement with all co-owners and then proceed as stated in the agreement.
Description:
This agreement will confirm the details of the buyout arrangement, such as purchase price, hopeful closing date, amount of ownership being purchase, and parties to the purchase agreement. The buyout contract will also help you to “lock down” this agreement among co-owners, to help prevent anyone from backing out at the last minute.
- You can download the agreement as a Word document and then further customize to your situation.
- This is a legal Product, not a legal Service. See our Terms & Conditions on the difference between a legal Product and a legal Service.
State Specific Versions for Multiple States
Our automated document software will produce the agreement for your specific state. After purchasing the letter, you’ll select your state and receive the appropriate document for that state.
The letter is available for the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
Should you hire an attorney or use this legal template?
This legal template is not the same as hiring an attorney, and in some cases, you should hire an attorney. That is 100% your decision.
But here are some reasons why you might want to use this legal template:
- Pay a small fraction of what you would pay an attorney
- Stay in control of the negotiation process
- Avoid threatening your co-owners with a lawyer unless absolutely necessary
- Get started immediately rather than waiting on an attorney
- Attempt to resolve the situation outside of court (and hire an attorney for court only if necessary)
Maybe you want to save money, or maybe you just prefer to handle this legal matter directly. Either way, we respect your decision about when to hire an attorney and when to use legal tools directly. That said, sometimes an attorney is necessary. If you decide you need legal advice, contact our attorneys. We can either represent you or help you find an appropriate attorney. Keep in mind that we charge separately for legal services, including any advice about how to use or interpret products purchased from our firm.
What if I have questions about the form?
We answer technical support questions for free (problems with payment or the download process). But if you need legal advice about how to use this form, how to interpret this form, or how to resolve your joint ownership issues, then you will need to hire an attorney. In that case, send us a message, and we can either represent you or refer you to an appropriate attorney.