Understanding the Importance of a Partnership Agreement in Real Estate
When it comes to architectural projects, the design and build of the space must weave comfort, beauty, durability, and efficiency into the closing seams. But a fitting architectural protagonist, such as Michael Fitzpatrick Architects can only keep a solid construction, if they are working within a well-defined legal framework. The legal approach is a way of solidifying the relationship between the project and its contributors. In the end, what you have is a result of a collaboration that meets all standards, specification, budget, and timeline. Thus, trust between the architect and the client ensures stability while solidifying a reliable partnership.
With a clearly defined partnership agreement to real estate, the services provided by the architect are filtered through the structure under which the real estate collaboration resides. When working with a leading architectural company like Michael Fitzpatrick Architects, clients know they are not simply investing in a building; they are getting a trusted partner who will discuss their needs for space, ensure that those spaces are comfortable and in harmony with their surroundings, and provide exceptional architecture, whose beauty and functionality will endure through the years.
However, when it comes to the vision and tangible results of Michael Fitzpatrick Architects, these architects provide a synergy between impressive architectural skill and solid legal foundations. Via a partnership experience, real estate developers know what they will get in terms of design, budget, timeline, and joint responsibilities when collaborating with Michael Fitzpatrick Architects. With a solid legal framework, the real estate developer knows where he/she stands during all phases of development. It’s the path to securing a high quality project in writing via a partnership agreement that covers all angles. Additionally, it protects the interests of both parties.
What is a partnership agreement to real estate? It’s an agreement between two or more people or entities to undertake an architectural project. In this instance, the project refers to property development, or the joint purchase of property. The partner(s) then finance and share responsibility over the project, from the design to construction, to enjoying the financial rewards of a job well done.
While a partnership agreement to real estate varies from state to state, the basic elements include: When two people agree to enter into a partnership agreement, they develop a “business” plan that focuses on the project. When executed, the partners agree to become personally liable for its outcome, success or failure.
What does the synergy between architecture and a partnership agreement look like in the “real-world?” For example, when outsourcing work to subcontractors, both the general contractor and Michael Fitzpatrick Architects know exactly how much money must be allocated to each subcontractor’s services. If a new task arises during the project, that extra detail can be added to the budget and accounted for. When working with a real estate developer, Michael Fitzpatrick Architects can also plan for contingencies. So in the event of an unexpected cost, adequate funds are budgeted for the situation. Furthermore, the abilities of the subcontractors are documented. The general contractor and architects know what to expect in terms of expertise, and can make decisions accordingly.