What should be included in a buyout agreement? Buyout Agreement: A legal document that outlines the terms and conditions of a transaction in which one party purchases a stake in a business from the other.Typically, a buyout agreement describes how the member's ownership interest will be valued, who can — or must — buy it, and how the payment will be made. Download the Real Estate Buyout Agreement template. 2. Fill in the relevant details such as buyer, seller, and property information. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. This book has a fillintheblank buyout agreement and instructions on how to incorporate it into your partnership agreement.