JOINT VENTURE AGREEMENT
This JOINT VENTURE AGREEMENT (“Agreement”) is made At the time you click submit between the following parties: TLC Home Buyers LLC & The entity stated in the Purchase Agreement submitted. This Agreement is for the sole purpose of assigning (wholesaling) the property located at: The address submitted above in this form.
It is therefore agreed:
- Purpose. The Joint Venturers form this joint venture to wholesale properties on this agreement.
- Contributions. The Joint Venturers shall make no contributions of financial resources in any way, unless agreed otherwise. Both parties shall work together to acquire and sell the interest on the property.
- Acquisition of Business Interest. Purchase and Sales Agreement, Assignment Agreement, and/or resale of property agreement will be under TLC Home Buyers LLC.
- Profits and Losses. The Joint Venturers shall share any wholesale profit, at a split of 40% to TLC Home Buyers LLC and 60% to The entity stated in the Purchase Agreement submitted, of any amount over the purchase price on the original acquisition contract.
- Expenses of Venture. All expenses incurred by the Joint Venturers shall be born by the Joint Venturer incurring said charge.
- Liability of Joint Venturers. The Joint Venturers shall be liable only for their own willful misfeasance and bad faith, and no one who is not a party to this Agreement shall have any rights whatsoever under this Agreement against the Joint Venturers for any action taken or not taken by the Joint Venturers.
- Term. This Agreement shall terminate upon the COE of said subject properties.
- Compensation of Agent. Unless otherwise agreed to in the future by a majority in interest of the Joint Venturers, neither Joint Venturer shall receive any compensation for services rendered by him/her under this Agreement, other than that which has previously been outlined. No party is a licensed real estate agent or acting as such.
- Arbitration and Attorney’s Fees. The Joint Venturers agree that any dispute, claim, or controversy concerning this Agreement or the termination of this Agreement, or any dispute, claim or controversy arising out of or relating to any interpretation, construction, performance or breach of this Agreement, shall be settled by arbitration to be held in Raleigh, North Carolina, in accordance with the rules then in effect of the American Arbitration Association. The arbitrator may grant injunctions or other relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the parties to the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The Joint Venturers will pay the costs and expenses of such arbitration in such proportions as the arbitrator shall decide, and each Joint Venturer shall separately pay its own counsel fees and expenses.
- Governing Law; Consent to Personal Jurisdiction. This Agreement will be governed by the laws of the State of which the property is located without regard for conflicts of laws principles. Each Joint Venturer hereby expressly consents to the personal jurisdiction of the State and Federal Courts located in the State of which the property is located for any lawsuit filed there against any party to this Agreement by any other party to this Agreement concerning the Joint Venture or any matter arising from or relating to this Agreement.
- By Clicking Submit I have agreed to all terms and conditions stated in this agreement