In this ultimate guide, we will unravel the mysterious world of buyout agreements and show you stepbystep how to navigate them like a pro. 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.This file contains detailed instructions for completing the NWMLS Form No. 21, a Residential Real Estate Purchase and Sale Agreement. Create a Buy-Sell Agreement in minutes with step-by-step instructions. Use this contract to protect the shares of a business in unforeseen circumstances. If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly?