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Creating a Transfer Agreement

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Introduction

Transfer agreements are an essential part of any business transaction, big or small. At Genie AI, we understand the importance of crafting a legally binding transfer agreement that protects the rights and interests of everyone involved. A transfer agreement is a contract between two parties which outlines the terms and conditions for the transfer of ownership of goods or services. These documents help avoid confusion and disputes by clearly outlining expectations and obligations on both parties, allowing for flexibility when negotiating terms. Furthermore, such agreements define each party’s legal rights and provide a framework for resolving any disagreements that may arise.

Critical to safeguarding against fraud or other illegal activities, having a legally binding transfer agreement in place is especially important when transferring ownership of a business - an intricate entity often involving multiple stakeholders with varied interests. With Genie AI’s open source legal template library and community dataset, anyone can craft high-quality legal documents - without paying a lawyer’s fee - tailored to their specific needs by customising our templates.

To ensure all transactions are conducted in accordance with the law, Genie AI is committed to helping clients protect their rights during the transfer process; so they can be certain that all parties involved understand their respective obligations while having confidence in the outcome of their transaction. Read on below for our step-by-step guidance on creating transfer agreements as well as information on how to access our template library today!

Definitions (feel free to skip)

Parties: Individuals or entities who are involved in an agreement. Agreement: A legally binding contract between two or more parties outlining the terms of a transaction. Product/Service: An item or service that is being transferred as part of the agreement. Terms: Instructions or conditions associated with a transfer. Date of transfer/completion: The date on which the transfer will take place and the date on which it will be finalized. Signature: A legally binding mark or symbol used to validate a contract. Enforce: To make sure that the terms of the agreement are followed. Dispute: A disagreement between the parties involved in the agreement. Terminate: To end the agreement. Amend/Modify: To make changes to the terms of the agreement. Transfer: To move ownership or rights from one party to another. Timeline: A set of dates that must be met in order for the transfer to be completed. Document: To record the transfer of ownership or rights. Confidential information: Information that must remain private. Taxes/Fees/Costs: Money that must be paid in order to comply with the agreement. Laws/Regulations: Rules established by a governing body that must be followed.

Definition of the parties involved in the agreement

Definition of the product or service being transferred, the terms of the agreement, the date of transfer and the date of completion, how the agreement will be signed and executed, who is responsible for signing the agreement, what method will be used to sign, how the agreement will be enforced, how to handle disputes and disagreements, how to terminate the agreement, how to amend or modify the agreement, how to transfer ownership or rights, who is responsible for the transfer, what method will be used to transfer, how to establish a timeline for the transfer, how to document the transfer, who is responsible for documenting the transfer, what method will be used to document the transfer, how to protect confidential information, how to address taxes, fees, and other costs associated with the transfer, who is responsible for paying taxes, fees and other costs, how will taxes, fees and other costs be paid, any other applicable laws or regulations, who is responsible for ensuring all laws and regulations are met, what methods will be used to ensure all laws and regulations are met, get started.

  • Identify the two parties involved in the agreement.
  • List the full legal name of each party and their contact information.
  • Specify the location of each party in the agreement.
  • When you have listed the legal name, contact information, and location of the two parties, you can check this off your list and move on to the next step.
  • Take time to define the product or service being transferred in the agreement. This should include both a description of the product or service and its purpose.
  • Make sure to be specific and detailed in the description of the product or service being transferred.
  • Determine if the product or service being transferred is tangible (physical) or intangible (non-physical).
  • Go through the list of products or services and make sure all are included in the agreement.
  • When you’re done, you can move on to the next step in the process.
  • Define the transfer of ownership and the terms of the transfer
  • List any restrictions on the use of the product or service being transferred
  • Specify any warranties, indemnifications, or other guarantees that may be provided
  • Agree on the payment structure and any associated fees
  • Define any applicable taxes or fees that may need to be paid
  • Agree on the responsibilities of each party to the transfer
  • Confirm any applicable laws or regulations which may affect the transfer
  • Set out any applicable deadlines for completion of the transfer
  • Agree on any additional terms and conditions that may be applicable
  • Sign and date the agreement

How you’ll know when you can check this off your list and move on to the next step: Once all parties have signed the agreement and all terms and conditions have been agreed upon, you can move on to the next step.

  • Establish the date of transfer: Determine when the transfer will take place and document it in the agreement.
  • Establish the date of completion: Determine when the transfer will be completed and document it in the agreement.
  • Finalize the dates: Once the dates have been established, make sure they are accurate and finalized before signing the agreement.
  • Check off the list: When the dates of transfer and completion have been established and finalized, check this off your list and move on to the next step.
  • Determine who will sign the agreement. This could be two or more parties, depending on the type of transfer agreement.
  • Establish how the agreement will be signed. This could include digital signatures, physical signatures, or both.
  • Confirm that all parties have read and agreed to the terms of the transfer agreement.
  • Ensure that all signatures are witnessed and/or notarized if necessary.
  • Once all signatures are in place, the agreement will be considered executed and binding.
  • You can check this off your list when the agreement has been signed by all necessary parties.
  • Determine who will be responsible for signing the transfer agreement.
  • This could include the individual or business transferring the title and the buyer of the property.
  • Make sure the agreement is reviewed and signed by all parties that are involved.
  • Once all parties have signed the agreement, it should be reviewed and approved by a legal representative for both parties.
  • Once all of the necessary signatures have been obtained and the agreement is approved, you can move on to the next step.
  • Discuss and decide on the method of signing the agreement. This could be an in-person signature, an electronic signature, or another method.
  • Make sure all parties involved are comfortable with the chosen method.
  • Once all parties have agreed to the method of signing, you can check this step off your list and move onto the next step.
  • Establish a system of checks and balances in order to ensure that both parties follow the agreement.
  • This could include creating a system of notifications, penalties, or incentives to ensure that both parties comply.
  • Agree on the consequences for any breach of the agreement.
  • Document the enforcement system in the agreement.
  • Once this step is complete, you can move on to the next step which is how to handle disputes and disagreements.
  • Establish a dispute resolution process, such as arbitration or mediation
  • Document the process in the agreement, including what will happen if the dispute cannot be resolved
  • Outline how disagreements will be handled, such as how parties can raise issues and how communication should take place
  • Include a clause that allows the parties to seek legal advice if needed
  • Ensure that the process is fair to both parties
  • Agree on a timeline for resolving disputes
  • When disputes are resolved, document the decision to ensure everyone is on the same page
  • Once the process is finalized and documented, you can move on to the next step in creating the agreement.
  • Read through the agreement to determine if there is a termination clause
  • If there is a termination clause, follow the instructions in the clause to terminate the agreement
  • If there is no termination clause, send a written notice to the other party/parties of your intent to terminate the agreement
  • Include the date of the termination in the notice
  • Both parties should sign, date, and keep a copy of the notice
  • Once all parties have agreed to the termination and signed the notice, the agreement is officially terminated

Once all steps listed in the notice have been completed, you can check this step off your list and move on to the next step of amending or modifying the agreement.

  • Review the existing agreement and identify the specific changes you need to make.
  • Draft the necessary changes or modifications to the agreement.
  • Have both parties review the proposed changes and make necessary revisions.
  • Have the parties sign the amended agreement.
  • Make sure to keep a copy of the amended agreement for your records.
  • Once the agreement is amended, you can move on to the next step of transferring ownership or rights.
  • Review the agreement and decide who will be the transferor (the person giving the rights) and who will be the transferee (the person receiving the rights).
  • Make sure that the transferor and transferee are both identified in the transfer agreement and that the transferor is legally able to transfer the rights.
  • Include a provision in the transfer agreement that details the terms of the transfer, such as the date of the transfer, what rights are being transferred, and the cost of the transfer.
  • Specify any additional obligations of the transferor or transferee, such as a duty to cooperate or provide assistance in the transfer process.
  • Make sure that all parties involved in the transfer agree to the terms of the agreement and sign it.
  • Once all the parties have signed the agreement, make sure to keep a copy of it for your records.
  • Identify which party is responsible for the transfer of ownership or rights
  • Create a written agreement between the parties which explicitly states who is responsible for the transfer
  • Get this agreement signed and dated by both parties
  • Once the agreement is signed and dated by both parties, the step is completed and you can move on to the next step.
  • Determine the best method of transfer that works for both parties. This could include email, mail, fax, or delivery in person.
  • Agree upon the method that works best for both parties and document this in the transfer agreement.
  • You will know you have completed this step when the method of transfer has been agreed upon and documented in the transfer agreement.
  • Set a timeline that is realistic and achievable, taking into account any legal or other restrictions
  • Discuss with both parties what timeline works best
  • Agree on a timeline and document it in the Transfer Agreement
  • Once the timeline is established, check it off your list and move on to the next step
  • Gather all the necessary documents, such as contracts, transfer agreements, and any other relevant documents
  • Check that all the documents are filled out correctly and signed by the relevant parties
  • Create a timeline for the transfer process and outline who is responsible for each part
  • Have all parties involved in the transfer sign and date the documents
  • Make a copy of the transfer documents and store them in a secure location
  • Provide the other parties involved with a copy of the transfer documents

Once all the documents have been filled out and signed, you can move on to the next step.

  • The responsible party for creating and documenting the transfer agreement should be identified
  • This could be a legal team, an individual, or a group of people
  • Once the responsible party has been identified, make sure they have the necessary resources to create and document the transfer agreement
  • The responsible party should be aware of the applicable laws and regulations surrounding the transfer agreement
  • Once the responsible party has been identified and has the necessary resources, this step is complete and can be marked off the list
  • Determine the official documentation method that will be used to document the transfer.
  • This could include a physical document, an electronic document, a verbal agreement, or a combination of any of these.
  • Make sure the method chosen complies with any applicable laws and regulations.
  • When the documentation method has been selected, you can check this step off your list and move on to the next step.
  • Establish a confidentiality agreement with the parties involved in the transfer
  • Make sure the agreement is in writing, and that all parties sign it
  • Ensure the agreement clearly states what information is confidential and how it is to be handled by the parties involved
  • Consider implementing security measures to protect the confidential information, such as encryption
  • When all parties have signed the agreement, you can check this step off your list and move on to the next step.
  • Research local tax laws and regulations in the area of the transfer to ensure compliance with all applicable laws
  • Determine which party is responsible for paying the taxes, fees, and other costs associated with the transfer
  • Consider who will be responsible for covering the costs of any taxes, fees, or other costs associated with the transfer before the transfer is finalized
  • Draft an agreement that outlines the payment of taxes, fees, and other costs associated with the transfer
  • Review the agreement with both parties to ensure that all parties are in agreement and understand their respective obligations
  • Sign and execute the agreement
  • When all of the above steps have been completed, you can check this off your list and move on to the next step.
  • Consult your local tax authority to determine who is responsible for paying taxes, fees and other costs associated with the transfer.
  • Your local tax authority should provide you with a form or other documents that you can use to declare who is responsible for these costs.
  • Once you have consulted your local tax authority and filled out the necessary forms or documents, you can check this off your list and move on to the next step.
  • Determine whether the transferor or transferee is responsible for paying taxes, fees and other costs
  • Agree on a payment method (e.g. cash, direct bank transfer, etc.)
  • Discuss and consider any applicable taxes, fees and other costs in the agreement
  • Include specific details in the agreement regarding who is responsible for payment and the payment method
  • Once the payment method is determined and included in the agreement, the step can be checked off and the next step can be started.
  • Research and identify any other applicable laws or regulations that must be followed in order to create a transfer agreement
  • Determine if any of the laws or regulations conflict with the terms of the agreement
  • If there are any conflicts, revise the agreement accordingly
  • Confirm all parties involved in the transfer agreement agree to the terms and understand the laws and regulations that apply
  • Once all parties agree to the terms and understand the laws and regulations, the step can be checked off your list and you can move onto the next step.
  • Research laws and regulations that apply to the transfer agreement.
  • Determine who is responsible for ensuring that these laws and regulations are followed.
  • Identify and assign specific roles and responsibilities to the individual(s) responsible for ensuring all laws and regulations are met.
  • Document the assigned roles and responsibilities in the transfer agreement.
  • Ensure that all parties involved are aware of and understand their roles and responsibilities.

Once all of these steps have been completed, you can move on to the next step: what methods will be used to ensure all laws and regulations are met.

  • Research applicable federal, state and local laws and regulations that apply to the transfer agreement
  • Read and understand the terms of the transfer agreement
  • Consult with an attorney to ensure the transfer agreement meets all applicable laws and regulations
  • Check with relevant government agencies to ensure the transfer agreement meets all requirements
  • When all applicable laws and regulations have been met, you can check this off your list and move on to the next step.

Q: Are there any particular laws or regulations which must be taken into account when creating a transfer agreement?

Asked by Mary on January 10th 2022. A: When creating a transfer agreement, it is important to consider the relevant laws and regulations in the jurisdiction that it will apply in. Depending on where the parties are located, different laws may apply and so you must ensure that you are aware of the specific regulations which need to be taken into account. For example, in the UK, the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) may apply and must be complied with. In addition, the Consumer Rights Act 2015 may also be relevant in certain circumstances. It is recommended that you seek legal advice to ensure that all relevant laws and regulations are taken into account when drafting a transfer agreement.

Q: What factors should I consider when deciding who will be responsible for certain assets or liabilities?

Asked by John on April 15th 2022. A: When deciding who will be responsible for certain assets or liabilities, there are several factors which should be taken into account. Firstly, you should consider the purpose of the transfer agreement and the context in which it is being created. This will help you to determine whether one party should take responsibility for particular assets or liabilities, or whether they should both have a shared responsibility. Additionally, you should consider the nature of the assets or liabilities in question and what each party is able to provide. You should also think about how both parties would benefit from the transfer agreement and whether this would make it fairer for one party to take responsibility for certain aspects. It is important to ensure that both parties are comfortable with these arrangements before finalising them in an agreement.

Q: How do I ensure that my transfer agreement is legally binding?

Asked by Lisa on June 22nd 2022. A: To ensure that your transfer agreement is legally binding, it is important to follow certain steps when creating it. Firstly, make sure that all parties agree to abide by the terms of the agreement and sign it in order to demonstrate their consent to its terms. Secondly, ensure that all relevant information is included in the agreement, such as details of all parties involved, what is being transferred and any applicable laws or regulations. Lastly, have a lawyer review and sign off on the agreement to provide legal advice and confirmation that it meets all relevant requirements. Following these steps should help to make sure your transfer agreement is legally binding and enforceable in court if necessary.

Q: What types of information should I include in a transfer agreement?

Asked by Sarah on August 8th 2022. A: When creating a transfer agreement, there are several types of information which should be included to ensure that it is legally binding and enforceable by law. Firstly, you should include details about each party involved in the transfer including their full name and contact information. Secondly, provide a clear description of what is being transferred including any applicable assets or liabilities which need to be addressed. You should also include any applicable laws or regulations which need to be taken into account as well as any specific terms which both parties agree upon such as payment amounts or timelines for completion of the transfer. Finally, include details about how disputes can be settled if they arise so that both parties are aware of their rights and responsibilities under the agreement.

Q: How do I protect confidential information when transferring assets?

Asked by David on October 27th 2022. A: When transferring assets, it is important to take steps to protect confidential information from being disclosed without consent from both parties involved in the transaction. Firstly, you should include provisions in your transfer agreement which specify who has access to confidential information and how this will be managed throughout the course of the transfer. This can include restrictions on sharing confidential information with third parties or setting out specific requirements for obtaining consent before disclosure can occur. Additionally, you can also include language about how confidential information should be treated once it has been obtained with regards to storage and destruction after use where appropriate. Taking these steps can help to protect confidential information during a transfer process and ensure that both parties remain compliant with relevant laws and regulations around data protection and privacy rights.

Example dispute

Lawsuits involving transfer agreements.

  • A plaintiff may raise a lawsuit which references a transfer agreement if they were a party to the agreement and have suffered a breach of its terms.
  • The plaintiff must provide evidence that their rights under the transfer agreement were violated and that they suffered a resulting loss.
  • In the lawsuit, the plaintiff may seek damages to compensate for any losses suffered as a result of the breach.
  • Depending on the specifics of the agreement, the plaintiff may also seek an injunction or other equitable relief to prevent future harm from occurring.
  • The plaintiff must also demonstrate that the agreement is valid and enforceable under applicable civil laws.
  • If the plaintiff can prove their case, the court may award damages to compensate for the losses suffered.
  • If the court finds that the agreement was entered into in bad faith, the court may also award punitive damages in addition to any compensatory damages.

Templates available (free to use)

Data Transfer Agreement Domain Name Transfer Agreement Employee Transfer Agreement Equity Interest Transfer Agreement Equity Transfer Agreement Intellectual Property Rights Transfer Agreement Intellectual Property Transfer Agreement Interest Transfer Agreement Ownership Transfer Agreement Patent Transfer Agreement Rights Transfer Agreement Sample Materials Transfer Agreement Lambert Share Purchase And Transfer Agreement Shares Transfer Agreement Software Transfer Agreement Stock Transfer Agreement Technology Transfer Agreement Trademark Transfer Agreement Transfer Agreement For The Conversion Of A General Partnership To An Llp Unit Transfer Agreement

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Transfer of Ownership Contract Template

A transfer of ownership contract template is used as documentation in the transfer of products sold by one person to the person buying the products. 3 min read updated on February 01, 2023

A transfer of ownership contract template (or a bill of sale) is used as documentation in the transfer of products sold by one person (the Seller) to the person buying the products (the Buyer).

A transfer of ownership contract template documents all relevant information in reference to the sale. The bill of sale acts as proof of purchase and as documentation that the transaction took place. It's also considered evidence of the product's condition at the time of sale if there is a dispute at a later date. The document normally includes the following:

  • The buyer's contact information.
  • The seller's contact information.
  • Any applicable warranty information.
  • The date and time of sale.
  • Any other relevant information related to the sale.

The bill of sale is normally used when selling any form of personal property, including cars, motorcycles, boats, and trailers. These sales, especially cars, should include a bill of sale to document in case of the accidental purchase of a stolen car.

Benefits for the Buyer and Seller

The decision to use a bill of sale benefits both the buyer and the seller.

The sellers gain:

  • Easy tax reporting.
  • "As-is" protection.
  • Date of ownership transfer.

The buyers gain:

  • Proof of ownership.
  • Date of ownership.
  • Warranty information.

A bill of sale does not show proof of ownership. It only documents the transaction between the two parties. To prove ownership, you must complete a title transfer from the seller to the buyer. This is done through the state government where the transaction takes place.

Components of the Bill of Sale

A bill of sale is a fairly simple document that you can find online. Therefore, you don't need an attorney. When choosing a free bill of sale template, don't choose the document randomly. Whether you download or create your own bill of sale, the document should include the following components:

  • Property Location.
  • Seller(s) full name, address, and email.
  • Buyer(s) full name, address, and email.
  • Purchase price.
  • The form of payment that is clear and easily visible.
  • Sales tax, if applicable, that is clear and easily visible.
  • Property condition and warranty status (if there is one; otherwise, note that the product is being sold "as-is").
  • Witness name, address, and email (if being used as part of the sale).
  • Signature of the buyer(s), the seller(s), and a witness or notary (if being used as part of the sale).

Legal Considerations

A bill of sale acts like a contract . When written and executed properly, it is a legally binding agreement between the buyer and the seller. Both parties should review and complete the bill of sale carefully. Legal difficulties can appear if the sale price is overinflated or information is incomplete.

The seller must have the full legal capacity to sell the item(s) being sold. The buyer should ask for documentation showing proof of ownership. If the seller cannot produce such documentation, the buyer should reconsider the purchase to avoid buying stolen products inadvertently.

If a product is being donated, a donation request letter is recommended over a bill of sale.

Considerations When Selling and Buying a Car

The "as-is" clause indicates the buyer is purchasing the car in its current condition. The owner should also disclose any valid warranties that exist for the car. The buyer should inspect the car to confirm he or she wants to complete the purchase. The "as-is" clause should be listed on the bill of sale.

When interacting with potential buyers, the seller should:

  • Answer any questions asked via phone or email.
  • Offer test drives to serious buyers only.
  • Look for any signs of fraud.
  • Require the full name of any interested buyers.
  • State the acceptable forms of payment clearly.
  • Negotiate the sale, if needed.
  • Finalize the sale.

Once the deal is finalized, complete the following tasks:

  • Complete the bill of sale.
  • Sign the title over to the new owner.
  • Sign and submit a release of liability, if required.
  • Provide maintenance record copies with personal information blacked out.
  • Provide any other paperwork required by your state.
  • Supply keys and any copies that exist.

The bill of sale is beneficial to both the seller and buyer and should be completed prior to the sale of products.

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Legal Templates

Home Resources Business How to Transfer Business Ownership

How to Transfer Business Ownership

Josh Sainsbury

Updated December 20, 2023 | Written by Josh Sainsbury Reviewed by Brooke Davis

People signing documents

Many entrepreneurs launch a business with plans to own it for many years, possibly growing and expanding it into different areas. Others might find themselves looking to transfer business ownership — in part or whole — to someone else for myriad reasons.

For example, the venture may not generate the expected returns, and they may want to cut their losses by transferring business ownership to family members, friends, or another business owner.

Whether you’re the owner of a limited liability company, a corporation, or even a sole proprietorship, knowing how to transfer your business ownership to someone else can be helpful, especially if you ever find yourself in a situation where you need to remove yourself from your venture without necessarily closing shop.

  • Ways To Transfer Business Ownership
  • How Your Business's Structure Affects Transfers

Transfer Business Ownership FAQs

4 ways to transfer business ownership.

When you already know who you’ll be transferring your company’s ownership to, the process generally begins by drawing up a transfer of business ownership agreement.

Here are four ways business owners typically transfer ownership, each requiring different action steps and paperwork.

how to transfer business ownership

1. Sell the Business

Selling your business is the most common way to transfer ownership. You can do this in two ways:

  • Cash Financing:  After agreeing on a valuation for your business and its assets, the buyer will buy your company upfront in cash using capital savings or a loan.
  • Owner-financing Sale:  The buyer will purchase your company over time by paying installments.

In either case, you need to draft a business purchase agreement to record the sale and a bill of sale to transfer your ownership to the new owner officially.

2. Add New Partners or Reapportion Ownership

If you own a partnership or an LLC , you can transfer ownership by adding new partners or members who will pay for their ownership interests. After they buy the majority of your ownership interest, they will become the new owners of your company.

If you don’t want to add new partners or members, you can reapportion ownership by getting your partners to buy ownership interest from you.

Purchase Priority

Partnerships and multi-member LLCs usually state in their agreements regarding how ownership can be transferred. Typically, existing members or owners have priority in purchasing ownership before potential new owners can be brought in. Some agreements prohibit ownership interests from being sold to new owners and require them to be either sold back to the company or to fellow members.

3. Lease-Purchase

Lease-purchase is an excellent way of transferring business ownership to attract as many buyers as possible. Entering a lease-purchase agreement is an attractive and safe choice for many buyers since the lessee only pays for company ownership for the duration of the lease.

The lessee usually prepares a letter of intent and a good-faith deposit to indicate a serious interest in the business. This initial step sets the stage for detailed research into the company, leading to a binding lease-purchase agreement with a defined purchase price.

Once the lease period ends, the lessee — now the buyer — can then decide whether to renew the lease, buy the company, or terminate the relationship.

4. Gifting or Bequeathing

Gifting or bequeathing ownership stake to a relative or friend is a popular strategy for business owners, especially for passing on their legacy to their children.

Instead of bequeathing business ownership through a will (which only activates upon death), many business owners gift their ownership over time, allowing for a gradual transition and a smoother management handover. Moreover, this approach allows the owner to minimize gift taxes, as individuals can gift tax-free up to the annual exclusion threshold ( $18,000 as of tax year 2024).

Additionally, gifting partial business interests may qualify for valuation discounts. Trusts, such as revocable or irrevocable trusts (like GRATs or GRUTs), provide flexibility, income, and tax-efficient transfer options when gifting business ownership.

Gifting vs Bequeathing

A bequeath is property a person leaves to a beneficiary in their will following their death. A gift is given when someone is still alive.

How Your Business’s Structure Affects Transfers

Your company’s business structure determines how you can transfer business ownership. Each structure has its own steps and procedures.

Limited Liability Company

Transferring LLC ownership can be complex. While the process may vary by state, here’s the general process.

Step 1: Review the Documents

Look at your LLC’s articles of organization, operating agreement, and buy-sell agreement to see if there are any guidelines for selling the business. If these documents are silent on selling ownership, state laws apply.

Misunderstandings of the buy-sell agreement

A buy-sell agreement is NOT used to sell a business. Instead, the agreement stipulates what happens with the ownership of a company if something unforeseen occurs. Generally, it requires that ownership interests be either sold back to the company or to fellow members. It is typically drafted at set up or early in the business, and entirely new owners would not be part of the agreement.

Step 2: Negotiate Terms

Talk to the purchaser to determine what exactly they want to buy. Some buyers may only want to buy your assets, while others want to buy the entire LLC.

Depending on what the buyer is purchasing, use a business purchase agreement or asset purchase agreement to establish all the key facts of the sale, including:

  • The timeline of the sale;
  • The assets included in the sale;
  • What is being purchased (specific assets, for example, or the whole LLC);
  • The agreement and consent of all members with ownership in the LLC (unless stated otherwise in the operating agreement);
  • Other relevant details about the sale of the LLC.

While a business purchase agreement outlines the terms of a business sale, it does not actually prove the transfer of the business or ownership.

Step 3: Transfer the Business

After you’ve determined what will be exchanged in this sale, write and sign a business bill of sale with the buyer to establish the transfer. State and local governments typically require a bill of sale as proof of ownership for transferring licenses, permits, and completing registrations. Without it, business ownership can be disputed.

Once you’ve completed the sale, notify your Secretary of State about the change in ownership to establish the transfer officially. Consult your lawyer about how to do this.

You also need to notify other parties, including:

  • The Internal Revenue Service (IRS);
  • Financial institutions where your LLC has accounts;
  • Your LLC’s registered agent (the person or business that receives formal notices, documents, or letters for the LLC);
  • States where your LLC has been registered.

Transferring business ownership of an LLC can have complex financial, tax, and legal obligations and requirements. In addition, the process and requirements vary by state. We highly recommend consulting an experienced business lawyer to help you manage the sale.

Sole Proprietorship

A sole proprietorship only has one owner — you.

Unlike an LLC or corporation, a sole proprietorship is an extension of its owner. Consequently, you can’t really sell a sole proprietorship, although you can dispose of its assets. After you sell your assets, the sole proprietorship will dissolve, and the buyer can use the assets however they’d like.

For example, let’s say you run a successful marketing firm as a sole proprietorship. You want to retire and find someone to buy your computers, customer list, and company name. You determine that your assets are worth $50,000, and you find a buyer who is willing to pay $55,000. You and the buyer can then draft and execute a sales contract.

Corporation

Ownership is based on the percentage of shares owned for S and C corporations. This means transferring ownership of either type of corporation can be done by selling, gifting, or bequeathing shares.

Keep in mind that  S corporations can’t have more than 100 shareholders , so a transfer of ownership will be prohibited if it creates more than 100 owners. If you transfer your S corporation incorrectly, it could jeopardize your election status.

If you’re looking to transfer all or part of your stock in a corporation, you may need approval from the board of directors and other shareholders. Following this, you should seek professional help from either an attorney or tax advisor to identify the best method and timing to offload your shares, which can maximize your sale price and minimize how much tax you pay.

You can find the requirements for selling your shares in the company’s shareholder agreement .

Partnership

A partnership involves two or more owners. Unless your partner or partners are also looking to transfer ownership or sell the entire business, you’ll likely want to relinquish your ownership portion.

Below are the steps for ownership transfer in a partnership:

  • Look at your business’ partnership agreement . This document lists each partner’s share of the company.
  • If you are transferring ownership to existing partners, talk to them and see how you can reapportion your ownership interest to them. If you are selling ownership to a new partner, use an assignment of partnership interest form to indicate the transfer.
  • Transfer interests to other partners and amend the partnership agreement to reflect the transfer.

Depending on your jurisdiction, you may have to file forms with the state declaring ownership change.

How do I transfer ownership of a business to a family member?

One of the best options to transfer your business ownership to a family member is by gifting or bequeathing shares to them. You can do so tax-free if you annually bequeath $18,000 or less in value (as of tax year 2024).

How do I transfer ownership of a small family business?

It depends on the structure of the business.

If your small family business is a sole proprietorship, you can transfer business ownership by selling its assets. If it’s a partnership, you could transfer your interest to other partners. If it’s a corporation, you can transfer by gifting, selling, or bequeathing shares.

If your business is an LLC, you need to:

  • Examine your LLC’s foundational documents for any guidelines on selling the business. If none, state laws will apply.
  • Discuss with the buyer what they intend to purchase, whether it’s assets or the entire LLC. Use the appropriate agreement to detail the sale’s terms, including timeline, assets involved, member consent, and other sale specifics. Note that this agreement doesn’t prove the transfer of ownership.
  • Finalize the sale with a business bill of sale, required for transferring licenses and registrations. Notify the Secretary of State and other relevant parties like the IRS, financial institutions, and registered agents about the ownership change.

Can I transfer an EIN to a new owner?

No, you generally can’t transfer an EIN to a new owner and will need to obtain a new EIN .

How hard is it to transfer my business to another person?

It depends on your business structure. A sole proprietorship, for example, doesn’t require permission from anyone else, making the process generally quick and easy. Selling an LLC, on the other hand, is more complicated as you have to abide by the agreed terms set out in the LLC operating agreement.

It’s important to understand that different types of transactions and business structures have different legal and financial ramifications. Generally, consulting with lawyers and accountants is essential to ensure all necessary steps are properly executed.

What happens to my business when I die?

What happens to your business when you die depends on the structure of your business.

An LLC will outline what happens if an owner dies in its operating agreement, such as allowing the business to continue operating under surviving members.

A sole proprietorship, on the other hand, can’t continue without you, but the assets can be sold or distributed as stated in your will or your state’s probate laws. Single-member LLCs would be similar to a sole proprietorship.

In corporations, you can either pass on your shares to your heirs or have other shareholders buy your ownership interest. In the latter case, your estate gets paid for this interest without transferring any stock ownership. However, the specific process depends on the terms set in the shareholder agreement of the corporation.

You can outline what happens when you die in your last will and testament, such as having your business turned into a testamentary trust.

► READ MORE: 13 Types of Will: Which One’s the Best for You?

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Josh Sainsbury

Business Content Editor

Josh Sainsbury is a business content editor at LegalTemplates. His background in a variety of industries allows him to create legal content that’s accessible and understandable for all audiences.

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Business Transfer Agreement

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Business Transfer Agreement

Rating: 4.5 - 21 votes

This Business Sale Agreement is for use when the owner of a business sells the business to a new owner . The Agreement addresses a variety of matters that may be relevant to a business sale, including:

  • assets to be transferred with the business
  • transfer of employees
  • conditions precedent (such as obtaining any approvals for transfer)
  • restraint of trade preventing the vendor of the business from opening competing businesses
  • confidentiality - so that the outgoing owner can provide sensitive information to the purchaser if required, and that information can be kept confidential
  • intellectual property (such as logos and designs) which are also to be transferred with the business including possibly a transfer of any business name
  • vendor warranties namely some representations made by the vendor regarding the business
  • indemnities from each party - so that the purchaser has some protection from liability for events that happened when the vendor owned the business and vice versa
  • whether the vendor is required to assist the purchaser with a business handover , after completion

Once completed and signed by all parties, this Business Transfer Agreement constitutes a binding agreement between the parties, enabling them to start making arrangements for the business to be handed over.

If any conditions are included in the agreement, then those conditions will also need to be met in order for the transaction to go ahead. If they are not, then one party or the other (or in some cases, both parties) may have the right to pull out of the agreement.

How to use this document

This document can be used when a Vendor and Purchaser are getting ready to enter into a new contract for the purchase of the business.

In this document, the form filler will be able to enter pertinent identifying details, such as whether the parties are individuals or businesses, and their respective addresses and contact information. The form filler will also input the most important characteristics of the agreement between the parties, including dispute resolution and governing law, and of course, any pertinent details about the business transfer.

The Business Transfer Agreement will be legally binding when it has been printed on non-judicial stamp paper or e-stamp paper and signed by both the Vendor and the Purchaser and has been dated. The value of the stamp paper would depend on the state in which it is executed. Each state in India has provisions in respect of the amount of stamp duty payable on such agreements. Information regarding the stamp duty payable can be found on the State government websites. For instance, the website of the state of Karnataka provides details of stamp duty payable on agreements as does the website of Delhi .

Both parties may keep a signed copy of the Business Transfer Agreement. In order to do this, two different copies can be signed, or if only one copy is signed, it can be photocopied and then distributed between the parties.

Applicable law

Business Transfer Agreements in India are subject to the Indian Contract Act, 1872 which covers general contract principles like formation and mutual understanding and the Sale of Goods Act, 1930 which deals with title to goods and warranties. General principles of contract law, as provided by the common law, will apply to this Agreement.

Depending on the industry within which the business operates, other bodies of law, specific to that industry, may also apply.

If employees are being transferred with the business, then elements of employment law may apply.

If intellectual property is being transferred with the business, then elements of intellectual property law can apply, such as the Trade Marks Act, 1999 or the Copyright Act 1957 .

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.

A guide to help you: What to do after Finishing a Contract?

Other names for the document:

Acquisition of Business Agreement, Business Purchase Agreement, Purchase of Business Agreement, Transfer of Business Agreement, Vendor Purchaser Business Purchase Contract

Country: India

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transfer of agreement sample

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Business-in-a-Box's Agreement of Transfer Template

Agreement of Transfer Template

Document description.

This agreement of transfer template has 2 pages and is a MS Word file type listed under our legal agreements documents.

Sample of our agreement of transfer template:

AGREEMENT OF TRANSFER This Agreement of Transfer (the �Agreement�) is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Transferor"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the "Transferee"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] THIS AGREEMENT WITNESSETH: For good and valuable consideration, the receipt whereof is hereby acknowledged by the Transferor, the Transferor d

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Transfer Agreement Templates

Create Your Transfer Agreements with Templates from Template.net. Free Samples of College and University Transfer Agreements, and Ownership, Technology, and Material Transfers Are Also Available. Templates for Business and Assets Transfer, and Several Assignment Transfer Formats Can Also Be Downloaded for Free! Make Your Transfer Documents Efficiently, Download Now!

Get Access to All  Agreements Templates

If processing your transfer papers causes hassle, worry no more because we have a lot to cater to this need of yours. We are offering you our Transfer Agreement Templates  that are high-quality and 100% customizable base on the requirement of the company or school you want to transfer. These are easily editable which lets you save time to process them quickly and look into other matters needed in your transfer. Our samples are professionally written for your better experience. What are you waiting for then? Subscribe to our plans and start downloading them now!

What is a Transfer Agreement?

A transfer agreement is a type of agreement wherein it states the transferring of ownership to another party. Transfer agreements can be varied in many ways. It can be a business transfer agreement wherein it talks about transferring business . The data transfer agreement may also vary like it embodies the transfer of data from one person to another. 

How to Write a Transfer Agreement?

transfer agreement template

The agreement is the first step in any type of  property  transfer. Either you want to transfer your share or asset, a share transfer agreement and asset transfer agreement must be formulated first. If you want to transfer your business, you will experience a long and complicated process.

For instance, the first thing you need to do is to have a business transfer agreement. To start transferring your business, secure yourself with a transfer agreement with the authorization of a legal person. According to Business.gov, this is often mutually beneficial as the seller receives income from the gradual sale and the buyer doesn’t have to make an outright purchase. Do you want to know how to make one? Here are factors to consider on how to write a business or asset agreement  while transferring them.

1. Determine Legal Actions to Be Considered

Research about the laws and regulations of the place where the business transfer occurs. If your business has its record in your local county, you need to file an amendment so that the name will be changed in the county's system. If not, you can include it in your annual report. 

2. List the Items Coordinately

After considering the legal actions to be taken in making a transfer agreement, include in your agreement the list of properties you want to transfer to your new proprietor. You can include your business's assets, liabilities, legal contracts, list of customers, employees' information and insurance, tax issues, and new employment rights. In addition, you can include a good track record of the business. Also, include the transfer price and the transfer pricing agreement for the payment .

3. Consider Your Transfer Partner

As a proprietor, you have all the power to control your legal agreement , but make sure that you weigh things out. Consider your partner's sake also. In that way, you can have a smooth and harmonious transaction because it avoids conflict and misunderstanding.

4. Get It All Together

After following the few steps narrated, you can now gather it all up and start the transfer. Talk to your partner and attorney about the transfer of the business. After agreeing on the presented terms and conditions in the business agreement, sign the designated place in the document and secure copies for each party and end it with a handshake to seal the agreement.

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Shares Transfer Agreement

Jump to section, what is a shares transfer agreement.

A shares transfer agreement, also known as a stock purchase agreement, is an legal document used to transfer the ownership of shares of stock. The party transferring shares could be a person or a company. This agreement type is usually entered into by a buyer and a seller where the seller wishes to sell a specific number of shares to the buyer for an agreed upon price. The shares transfer agreement specifies the terms and conditions of the sale.

  • Details about the party transferring the shares
  • Consideration (what is being given to the seller in exchange for the shares - usually money); and
  • Information about the shares such as the share type and the share value

Common Sections in Shares Transfer Agreements

Below is a list of common sections included in Shares Transfer Agreements. These sections are linked to the below sample agreement for you to explore.

Shares Transfer Agreement Sample

Reference : Security Exchange Commission - Edgar Database, EX-10.G 2 dex10g.htm SHARE TRANSFER AGREEMENT , Viewed October 4, 2021, View Source on SEC .

Who Helps With Shares Transfer Agreements?

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Post a project  in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate shares transfer agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

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Ayelet G. Faerman knows what influencers mean to brands today. With experience as legal counsel for a beauty brand for over 5 years, and overseeing multiple collaborations, Ayelet has experienced the rise of influencer marketing. As the founder and managing partner of Faerman Law, PA her practice focuses on influencer relations including a specialization in contract negotiations.

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Melissa D. Goolsarran Ramnauth, Esq. is an experienced trial-winning trademark and business attorney. She has represented large businesses in commercial litigation cases. She now represents consumers and small businesses regarding federal trademarks, contracts, and more. Her extensive litigation knowledge allows her to prepare strong trademark applications and contracts to minimize the risk of future lawsuits.

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Ryan A. Webber focuses his practice primarily on Estate Planning, Elder Law, and Life Care Planning. His clients range from young families concerned about protecting their family as well as aging individuals. Ryan provides Estate Planning, Trust Planning, Special Needs Planning, Public Benefit Planning, and Estate Administration. Ryan focuses on the holistic approach to the practice of elder law which seeks to ensure clients are receiving good care when needed and that they preserve enough assets with which to pay for such care. Many families and individuals also come to Ryan for preparation of their wills, power of attorney, and healthcare guidance documents. Additionally, Ryan assists small and medium sized business owners with their organizational and planning needs. From starting or winding down a business, Ryan provides quality business advice.

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Benjamin is an attorney specializing in Business, Intellectual Property, Employment and Real Estate.

Jonathan R. on ContractsCounsel

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I am a graduate of Cornell University and Rutgers University School of Law—Newark, and have been admitted to the state and federal bars for New Jersey, and have been engaged in the full- or part-time practice of law since my admission to the bar in 1991. My practice centers on civil litigation; wills, trusts, and estates; and ediscovery review and management. I have extensive experience in regulatory compliance in the financial services industry, as well as privacy laws in the U.S. and E.U.

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I am a general practice lawyer with 21 years of experience handling a wide variety of cases, both civil and criminal

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I help start-ups, small businesses, and people realize their potential by leveraging my legal and technological experience. Legally skilled in employment law, intellectual property, corporate law, and real estate transactions.

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IMAGES

  1. Transfer Agreement Template

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  2. Free Customizable Shares Transfer Agreement Template

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  3. Material Transfer Agreement Form Template

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  4. Transfer Of Ownership Contract Template New Transfer throughout Free

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  5. Agreement of Transfer Template

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  6. Printable Transfer Of Ownership Agreement Template

    transfer of agreement sample

VIDEO

  1. Transfer Agreement of Zionists with Nazi and other countries

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COMMENTS

  1. Transfer of Agreement Sample Clauses: 348 Samples

    Download Cite Transfer of Agreement. 9.1 Unless with the prior consent from the Pledgee, the Pledgor has no right to grant or transfer any of his rights and obligations hereunder. Sample 1 Sample 2 Sample 3 See All ( 29) Transfer of Agreement.

  2. Transfer Of Ownership Agreement: Definition & Sample

    Home Contract Samples T Transfer Of Ownership Agreement Jump to Section What is a Transfer Of Ownership Agreement? A transfer of ownership agreement is a contract used to transfer ownership of something sold by one person (the Seller) to the person buying the products (the Buyer).

  3. Business Transfer Agreement Template

    [Transferee.FirstName] [Transferee.LastName] [Transferee.Company] This Business Transfer Agreement template is a legal document and should include details of both parties and their terms and conditions for this agreement. It may be possible to be represented by their personal and corporate lawyers to assist with the business transfer accordingly.

  4. Transfer Agreement: Definition & Sample

    Transfer Agreement Sample Who Helps With Transfer Agreements? What is a Transfer Agreement? A transfer agreement is a legally binding document that conveys ownership from one person or entity to another.

  5. PDF Transfer Agreement Example

    Transfer Agreement Example This agreement is made and entered into by and between YOUR FACILITY NAME, CITY, STATE, a nonprofit corporation (hereinafter called "YOUR FACILITY") and RECEIVING FACILITY NAME, CITY, STATE, a nonprofit corporation, (hereinafter called "RECEIVING FACILITY"):

  6. Creating a Transfer Agreement

    Definitions (feel free to skip) Parties: Individuals or entities who are involved in an agreement. Agreement: A legally binding contract between two or more parties outlining the terms of a transaction. Product/Service: An item or service that is being transferred as part of the agreement.

  7. 14+ Transfer Agreement Templates

    14+ Transfer Agreement Templates - Sample, Example A transfer agreement can be defined as an assigned contract or an agreement that governs the transfer of any information or material between two organizations or individuals.

  8. Transfer of Contracts Sample Clauses: 171 Samples

    Transfer of Contracts a. On or prior to the Closing Date, the Company shall deliver the Contract Files to the Trustee. The Trustee shall maintain the Contract Files at its office or with a duly appointed Custodian. The Trustee may release a Contract File to the Servicer pursuant to Section 5.07.

  9. Transfer Agreement Sample Contracts

    Sample Contracts. Exhibit 10.2 TRANSFER AGREEMENT AMONG: MARY WOLF, Businessperson, of 1842 East Campo Bello Drive, Phoenix, AZ 85022 (the "VENDOR") AND: JAMES GEISKOPF, Businessperson of 3250 Oakland Hills Court, Fairfield, California 94534 (the ("PURCHASER") AND:... KBS REAL ESTATE INVESTMENT TRUST II, INC. TRANSFER AGREEMENT. To participate ...

  10. Business Transfer Agreement Template

    1. Clarity and Certainty The agreement offers a clear roadmap for the transfer, leaving no room for ambiguity or misunderstandings. 2. Legal Protection A well-drafted agreement safeguards both parties' interests by clearly outlining their rights and responsibilities. 3. Mitigating Risks

  11. Free Assignment Agreement Template

    Updated February 1, 2024 Reviewed by Brooke Davis An assignment agreement is a legal document that transfers rights, responsibilities, and benefits from one party (the "assignor") to another (the "assignee"). You can use it to reassign debt, real estate, intellectual property, leases, insurance policies, and government contracts. Table of Contents

  12. Transfer of Ownership Contract Template

    A transfer of ownership contract template (or a bill of sale) is used as documentation in the transfer of products sold by one person (the Seller) to the person buying the products (the Buyer). A transfer of ownership contract template documents all relevant information in reference to the sale.

  13. How to Transfer Business Ownership

    1. Sell the Business Selling your business is the most common way to transfer ownership. You can do this in two ways: Cash Financing: After agreeing on a valuation for your business and its assets, the buyer will buy your company upfront in cash using capital savings or a loan.

  14. Asset Transfer Agreement: Definition & Sample

    Asset Transfer Agreement Sample Who Helps With Asset Transfer Agreements? What is an Asset Transfer Agreement? An asset transfer agreement is a legal document between a seller and a purchaser that outlines the terms under which the ownership of property will be transferred.

  15. Business Transfer Agreement

    1. Choose this template Start by clicking on "Fill out the template" 2. Complete the document Answer a few questions and your document is created automatically. 3. Save - Print Your document is ready! You will receive it in Word and PDF formats. You will be able to modify it. Business Transfer Agreement Last revision 16-11-2023 Formats Word and PDF

  16. Agreement of Transfer Template

    This agreement of transfer template has 2 pages and is a MS Word file type listed under our legal agreements documents. Sample of our agreement of transfer template: AGREEMENT OF TRANSFER This Agreement of Transfer (the Agreement ) is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Transferor"), a company organized and existing under the ...

  17. FREE Transfer Agreement Template

    Instant Download Filter by: Edit Online Adobe PDF Microsoft Word Apple Pages Google Docs Pro Free Free Model Material Transfer Agreement Template School Student Transfer Certificate Template Free School student transfer certificate Template Free School Transfer Certificate Template Ownership Transfer Contract Agreement Letter Template

  18. Business Transfer Agreement: Definition & Sample

    The agreement is a contract between the business owner and the buyer. It may also be called a business sale agreement or a business purchase agreement. A business transfer agreement will list all the physical, financial, and intangible assets that the current owner wants to sell. The contract also should also include the assets that aren't ...

  19. Money Transfer Agreement Template

    Use the table of contents at the top of this money transfer template to quickly jump to specific sections of the template. This money transfer agreement is entered as of Agreement.CreatedDate by and between [Sender.Company], the Provider, and [Client.Company], the Client. WHEREAS, the Client wishes to utilize the Provider's money transfer ...

  20. Share Transfer Agreement Template

    Share Transfer Agreement Template Prepared for: [Transferee.Name] Prepared by: [Transferor.Name] This is an agreement for the transfer of shares (or stocks). This share transfer agreement template is suitable for the transfer of shares in both private and public companies and can be used in place of a stock transfer form, or in addition to one.

  21. Property Transfer Agreement: Definition & Sample

    Property Transfer Agreement Sample Who Helps With Property Transfer Agreements? What is a Property Transfer Agreement? A property transfer agreement, also known as a bill of sale, is a legal contract that transfers the ownership of real estate.

  22. Employee Transfer Agreement: Definition & Sample

    What is an Employee Transfer Agreement? When an employer decides that it is time to let an employee go, they may choose to have them sign a employee transfer agreement. This document outlines the terms of the employee's transfer and sets expectations for both parties. It can be used to protect the employer from any legal action that the ...

  23. Shares Transfer Agreement: Definition & Sample

    A shares transfer agreement, also known as a stock purchase agreement, is an legal document used to transfer the ownership of shares of stock. The party transferring shares could be a person or a company. This agreement type is usually entered into by a buyer and a seller where the seller wishes to sell a specific number of shares to the buyer ...