carry on as co-owners of a business for profit.
The Guam Agreement to Sell Real Property Owned by Partnership to One of the Partners is a legally binding document that outlines the terms and conditions for the sale of real property owned by a partnership to one of its partners. This agreement is specific to Guam, an unincorporated territory of the United States located in the western Pacific Ocean. Here is a detailed description of this agreement: 1. Introduction: The agreement begins with an introduction, clearly identifying the parties involved, including the partnership and the partner who wishes to purchase the real property. It also mentions the purpose of the agreement, which is to facilitate the sale transaction. 2. Property Description: This section provides a detailed description of the real property that is being sold, including its legal description, address, boundaries, and any improvements or structures on the property. It is essential to accurately identify the property to avoid any misunderstandings. 3. Purchase Price: The agreement specifies the agreed-upon purchase price for the property. The financial terms, including the payment schedule, down payment (if any), and any contingencies related to the payment, are outlined in this section. It may also mention the currency in which the payment will be made. 4. Representations and Warranties: Both the partnership and the purchasing partner make certain statements and assurances about their legal authority to enter into this agreement. Representations regarding the partnership's ownership of the property, its legal status, and the partner's ability to carry out the purchase are included in this section. 5. Closing: The closing procedures and obligations are detailed in this section. It specifies the date, time, and location of the closing, as well as the responsibilities of each party, such as providing necessary documents, paying outstanding fees, and transferring title to the property. 6. Title and Transfer: The agreement addresses the transfer of title and ensures that the property will be conveyed with clear and marketable title. It may require the partnership to warrant that it has the authority to transfer the property to the purchasing partner. 7. Indemnification and Liabilities: This section outlines how the parties will address any existing liabilities, including debts, liens, or disputes associated with the property. It establishes the obligations of the partnership to indemnify the purchasing partner against any claims or losses arising from the ownership of the property prior to its sale. 8. Dispute Resolution: In the event of a disagreement or dispute, this clause outlines the methods for resolving such matters. It may specify arbitration or mediation as preferred options before considering litigation. Different types or variations of Guam Agreement to Sell Real Property Owned by Partnership to One of the Partners may include modifications depending on the specific circumstances or preferences of the parties involved. For instance, there might be variations that address additional financial considerations like financing terms or adjustments to the purchase price based on property appraisal results. The agreement can be tailored to suit the unique requirements of each partnership and purchasing partner, ensuring a fair and mutually beneficial transaction.
