If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly?The purchase price is due once the application is approved and the applicant receives a Property Conveyance Agreement from the Cuyahoga Land Bank. 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. The buy-sell agreement will say that if the owner dies, the company will pay his or her survivors for the ownership interest in the company. Buyout agreements play a crucial role in business transactions, providing a structured framework for the transfer of ownership or assets. Fill in the blank Land Contract form formatted to comply with all Ohio recording and content requirements.