If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly?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. Buyout agreements play a crucial role in business transactions, providing a structured framework for the transfer of ownership or assets. Create a Buy-Sell Agreement in minutes with step-by-step instructions. Use this contract to protect the shares of a business in unforeseen circumstances. A buyout agreement outlines how one partner can purchase the leaving partner's shares in the collectively owned business. Buyer agrees to buy and Seller agrees to sell that certain parcel of real property situate in the Village of.