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. What should be included in a buyout agreement?In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. Download the Real Estate Buyout Agreement template. 2. Fill in the relevant details such as buyer, seller, and property information. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. Download our free Partnership Buyout Agreement template for your business needs.