BUYOUT AGREEMENT FOR CO-OWNED PROPERTY

THIS AGREEMENT is hereby entered into on this ………………day of …….……………. Two Thousand and ……………………………

BETWEEN

  1. Caleb Velasco, with an address at [Buyer’s Full Address] hereinafter referred to as the (“Buyer”),

                                                          AND

  1. Genesis Yesenia Chavez Gomez, with an address at [Seller’s Full Address] hereinafter referred to as the (“Seller”).

RECITALS:

WHEREAS, the parties, herein referred to as the “Buyer” and the “Seller,” are co-owners of a certain property located at 1707 NE 8th ST, Hermiston, OR 97838 (the “Property”);

WHEREAS, the Buyer and the Seller mutually desire to effectuate the buyout of the Seller’s ownership interest in the Property in a smooth and orderly manner;

WHEREAS, the parties intend to establish the terms and conditions that will govern the transfer of ownership, the payment of consideration, and the overall execution of this buyout transaction;

WHEREAS, the parties wish to confirm their commitment to cooperating fully during the buyout process and to resolving any potential disputes amicably;

NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the Buyer and the Seller agree as follows:

  1. PURPOSE OF AGREEMENT:

The Buyer and Seller hereby agree to facilitate the seamless transition of ownership in the co-owned property located at 1707 NE 8th ST, Hermiston, OR 97838 (the “Property”). This Agreement outlines the terms and conditions for the buyout of the Seller’s ownership interest by the Buyer.

  1. TERM:

This Agreement shall come into effect on the date of its execution by both parties (the “Effective Date”) and shall remain in force until the completion of all the terms and conditions outlined herein, culminating in the successful closure of the buyout transaction.

  1. BUYOUT ARRANGEMENT:

The Buyer and the Seller mutually recognize and agree that the Buyer will undertake the purchase of the Seller’s co-ownership interest in the property aforementioned. Execution of this Agreement, coupled with the removal of the Seller’s name from the property deed, will trigger the stipulated process. Upon fulfillment of these conditions, the Buyer will effectuate the full payment to the Seller, as expounded upon in Section 6.

  1. PAYMENT DETAILS:

The Buyer is bound to disburse to the Seller sum of $25,000 (Twenty-Five Thousand US Dollars) as recompense for the transfer of Party B’s ownership interest in the property. This payment will be transacted as a solitary payment by means of a check.

  1. REMOVAL OF PERSONAL BELONGINGS:

Within two (2) weeks from the date of payment, the Seller shall remove all personal belongings and possessions from the Property. Failure to do so within the stipulated time frame will result in a daily fee of $20 (Twenty Dollars) charged to the Seller until all personal property is removed. The Buyer shall not be responsible for any damages or losses to the Seller’s personal property during or after the removal process.

  1. TITLE TRANSFER:

Upon receipt of the buyout payment, the Seller agrees to promptly take all necessary actions to transfer her ownership interest in the Property to the Buyer. The Buyer shall assume full ownership and responsibility for the Property, including any associated liabilities, from the date of title transfer.

  1. COOPERATION CLAUSE:

The Buyer and Seller mutually commit to a high level of cooperation throughout the entirety of the buyout process, with the shared goal of ensuring the expeditious and successful conclusion of all requisite actions essential for the transfer of ownership and the comprehensive execution of this Agreement. Both parties shall diligently work together to meet all obligations, provide requested information, and promptly execute any documents necessary for the buyout and the subsequent transfer of ownership.

  1. TERMINATION:

This Agreement shall remain in effect from the Effective Date, until the culmination of all terms and conditions specified herein and the successful completion of the entire buyout transaction, including the transfer of ownership, payment, and resolution of any disputes. Upon the satisfaction of all obligations and the consummation of the transaction, this Agreement shall be deemed fully executed and shall cease to have any force or effect, except for those provisions that, by their nature, are intended to survive the termination of this Agreement.

  1. DISPUTE RESOLUTION:

In the event of any dispute arising out of or relating to this Agreement, the Parties agree to first attempt to resolve the matter amicably through mediation. If mediation does not result in a resolution, the dispute shall be settled through binding arbitration in accordance with the rules of the American Arbitration Association. The costs of mediation and/or arbitration shall be borne by the party initiating the dispute.

  1. CONFIDENTIALITY:

Both parties agree to keep the terms and conditions of this Agreement confidential and not to disclose any information regarding the transaction to third parties, except as required by law.

  1. GOVERNING LAW AND JURISDICTION:

Governing Law: This Agreement shall be governed by and construed in accordance with the laws of Oregon, without regard to its conflict of law principles.

Jurisdiction: Any legal action or proceeding arising under or in connection with this Agreement shall be brought exclusively in the courts of Oregon and the parties hereby submit to the personal jurisdiction of such courts.

  1. INDEMNIFICATION:

The Seller shall indemnify and hold the Buyer harmless from any claims, demands, or liabilities arising out of the Seller’s ownership or use of the Property prior to the transfer of ownership.

  1. ENTIRE AGREEMENT:

This Agreement constitutes the entire understanding between the parties concerning the subject matter herein and supersedes all prior and contemporaneous agreements, whether oral or written.

  1. AMENDMENTS:

Any amendments or modifications to this Agreement must be made in writing and signed by both parties.

  1. ASSIGNMENT:

This Agreement may not be assigned by either party without the prior written consent of the other party, except in the case of an assignment to an affiliate or successor of the assigning party.

  1. WAIVER:

The failure of either party to enforce any provision of this Agreement shall not be deemed a waiver of such provision or the right to enforce it in the future.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

Signed by or on behalf of:

THE UNDERSIGNED HAVE READ, FULLY UNDERSTOOD AND BY SIGNING

BUYER                                                          SELLER

NAME:                                                           NAME:

CALEB VELASCO                                            GENESIS YESENIA CHAVEZ GOMEZ

SIGNATURE:                                                   SIGNATURE:

____________________________                    ___________________________

DATE:                                                            DATE:

____________________________                    ___________________________

 

 

 

At Legal writing experts, we would be happy to assist in preparing any legal document you need. We are international lawyers and attorneys with significant experience in legal drafting, Commercial-Corporate practice and consulting. In the last few years, we have successfully undertaken similar assignments for clients from different jurisdictions. If given this opportunity, The LegalPen will be able to prepare the legal document within the shortest time possible. You can send us your quick enquiry ( here )