What should be included in a buyout agreement? Learn the steps in a real estate transaction and what happens with sale of property.Find a real estate lawyer. Three persons own a property. Two of the three want to buyout a partner and take him off title. An LLC buyout agreement template provides a framework for the legal paperwork that makes up an LLC buyout agreement. A buy and sell agreement is a legally binding contract that spells out how and to whom a departing owner's shares will be transferred. If you're planning a buyout, getting a buyout agreement in place is essential. But how do they work exactly?