Download the Real Estate Buyout Agreement template. 2. Fill in the relevant details such as buyer, seller, and property information.I'm gonna break down all the terms and conditions so you can understand what it means and we're gonna fill that out so you can have a real-life example of it. A buyout agreement is a binding contract between business partners that establishes the buyout details of one partner exiting the partnership. 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.