Purchasing majority interest of LP with real estate. What's involved?

[Stone Teran]

The seller (of an apt building) and I have agreed on a price.  The bank has turned down our request for loan assumption, so the seller wants to sell me a majority interest in the LP instead.  Assume the LP had a very limited scope and has no old liability risk.  Would this transaction simply consist of a purchase contract and maybe a title search?  I don't think our realtor is keen on this new idea but I think it's because we're essentially cutting him out of the deal and saving ourselves some of the fees associated with title transfer in the process.  Thoughts??