Parties agree in this form that if the Residence is ever sold, the party who paid the down payment and closing costs when the Residence was originally purchased should be reimbursed from the net sales proceeds first. Consideration should be given to recording this Agreement with the appropriate county clerk and recorder of deeds.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
What is an Arkansas Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence? An Arkansas Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legal document that outlines the terms and conditions for the distribution of proceeds when an unmarried couple who cohabitants sell their shared property. This agreement allows the parties involved to specify how the proceeds will be divided, based on their respective contributions and interests in the property. In Arkansas, there are different types of agreements that can be used based on the specific needs and circumstances of the parties involved: 1. Basic Agreement: This type of agreement outlines the basic terms for the distribution of proceeds upon the sale of the residence. It typically includes details such as the percentage or portion of proceeds each party will receive, the contributions made by each party towards the property, and any other relevant terms or conditions agreed upon. 2. Custom Agreement: A custom agreement is a more personalized document that goes beyond the basic terms. Parties may wish to include specific provisions regarding the division of mortgage payments, repair and maintenance costs, property taxes, and other financial obligations related to the residence. This type of agreement allows the parties to address individual concerns and create a comprehensive distribution plan. 3. Contingency Agreement: In certain cases, parties may want to include contingency clauses to address various possible scenarios. For example, the agreement might specify how the proceeds should be divided if one party wishes to buy out the other's interest in the property or if the property needs to be sold due to a significant change in circumstances. 4. Termination Agreement: A termination agreement outlines the distribution of proceeds when the parties decide to end their cohabitation. It establishes how the sale proceeds will be divided if the relationship comes to an end, allowing for a clear and fair resolution. Keywords: Arkansas, Agreement, Parties Living Together, Unmarried, Distribution of Proceeds, Sale of Residence, Types, Basic Agreement, Custom Agreement, Contingency Agreement, Termination Agreement.
