The Real Estate Partnership Agreement serves as the foundational document for establishing and operating real estate partnerships in Canada. It is essential when two or more parties wish to combine their resources, expertise, and capital for real estate ventures, whether for property acquisition, development, or management. This agreement must comply with both federal and provincial legislation, including the Partnership Act, Real Estate and Business Brokers Act, and relevant tax laws. The document typically includes detailed provisions for capital contributions, profit sharing, management responsibilities, property acquisition protocols, and exit strategies. It's particularly crucial for protecting partners' interests, establishing clear operational guidelines, and ensuring compliance with Canadian real estate and partnership regulations. The agreement should be customized based on the specific province's requirements and the partnership's intended real estate activities.
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1. Parties: Identification and details of all partners entering the agreement
2. Background: Context of the partnership formation and its real estate objectives
3. Definitions: Defined terms used throughout the agreement
4. Partnership Structure: Legal form of partnership, term, and registration requirements
5. Capital Contributions: Initial and ongoing capital contributions from each partner
6. Ownership Interests: Partners' percentage interests in the partnership and properties
7. Management and Control: Decision-making processes and management structure
8. Property Management: Responsibilities for managing real estate assets
9. Financial Matters: Banking, accounting, distributions, and fiscal year details
10. Transfer Restrictions: Limitations on transferring partnership interests
11. Exit Provisions: Process for partner withdrawal or partnership dissolution
12. Representations and Warranties: Partners' assertions about their capacity and authority
13. Dispute Resolution: Procedures for resolving partnership conflicts
14. General Provisions: Standard boilerplate clauses including governing law and notices
1. Development Projects: Used when partnership involves real estate development activities
2. Property Acquisition Process: Include when partnership plans ongoing property acquisitions
3. Financing Arrangements: Required if partnership will seek external financing
4. Environmental Matters: Include for properties with environmental concerns or requirements
5. Property Management Company: Used when third-party property management is contemplated
6. Immigration Compliance: Include when foreign partners are involved
7. Tax Election Provisions: Required for specific tax treatment elections
8. Marketing and Leasing: Include for properties requiring active leasing programs
1. Schedule A - Property Schedule: Details of all properties owned by the partnership
2. Schedule B - Capital Contributions: Detailed breakdown of each partner's contributions
3. Schedule C - Management Structure: Organizational chart and management procedures
4. Schedule D - Distribution Waterfall: Detailed distribution priority and calculations
5. Schedule E - Insurance Requirements: Required insurance coverage for properties
6. Schedule F - Partner Contact Information: Detailed contact information for all partners
7. Appendix 1 - Property Management Procedures: Detailed procedures for property management
8. Appendix 2 - Reporting Requirements: Templates and requirements for partnership reporting
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Development
Commercial Property Management
Residential Property Management
Real Estate Investment
Construction
Property Technology
Real Estate Finance
Hospitality
Retail
Industrial Properties
Mixed-Use Development
Relevant Teams
Legal
Real Estate Operations
Investment
Finance
Asset Management
Property Management
Risk Management
Business Development
Compliance
Acquisitions
Relevant Roles
Real Estate Development Manager
Property Portfolio Manager
Real Estate Investment Director
Chief Investment Officer
Real Estate Partner
Development Director
Asset Manager
Real Estate Operations Manager
Legal Counsel
Chief Financial Officer
Investment Analyst
Property Manager
Real Estate Broker
Business Development Manager
Risk Management Officer
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