A buyout agreement between property owners is a legally binding contract that outlines the conditions and terms under which one co-owner can purchase the ownership shares of another co-owner ¹. Also known as a buy-sell agreement, it accounts for all possible situations including voluntary separation and the untimely death of a partner ². If your co-owner agrees to a real estate buyout agreement, you'll have a closing date where you'll both sign papers, including a quitclaim deed to transfer the property from jointly owned to singly owned ³.