USA Real Estate General Partnership Agreement

Set up a general partnership in the US for buying, developing and leasing real estate properties with this USA Real Estate General Partnership Agreement.

Cash flow of the partnership will be determined separately for each fiscal year and not cumulatively, and will be distributed, at the partners' discretion, in the same proportion as profits and losses are shared among the partners.
If the income produced by the partnership properties is not sufficient to pay operating costs, the partners shall contribute additional funds in proportion to their capital interests.
If a partner is unable or unwilling to contribute his proportionate share, the other partners may contribute funds in excess of their share. The excess contribution may be treated 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), at any time.
If a partner wishes to transfer all or part of his interest to someone other than a family member, he must give the other partners a first right of refusal to purchase the interest.
The partnership can be terminated and dissolved by a vote of a majority in interest of the partners. Upon termination the partnership assets will be sold and, after payment of all liabilities and expenses, any net proceeds will be distributed to the partners in proportion to their capital interests.

This USA Real Estate General Partnership Agreement template is available as a downloadable Microsoft Word file, which is fully customizable to meet your needs.