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.
A Kentucky 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 regarding the distribution of proceeds from the sale of a shared property or residence in the state of Kentucky. This type of agreement provides protection and clarity for unmarried couples who live together and jointly own a property. One common type of Kentucky Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is the "Kentucky Co-Ownership Agreement." This agreement specifically addresses the distribution of proceeds upon the sale of the shared property and defines the ownership interests and responsibilities of each party during the cohabitation period. Another variant of this agreement is the "Kentucky Property Agreement for Unmarried Couples." This agreement not only covers the distribution of proceeds upon the sale of the residence but also addresses various other aspects, such as the division of expenses, maintenance and repairs, and other financial matters related to the property. Some essential components that might be included in a Kentucky Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence are: 1. Ownership Interests: Clearly defining the percentage of ownership each party holds in the property to determine their respective share of the proceeds upon sale. 2. Sale Conditions: Outlining the conditions under which the property can be sold, such as mutual agreement, termination of the relationship, or certain milestones reached by either party. 3. Distribution of Proceeds: Establishing how the proceeds from the sale of the residence will be divided between the parties, based on their ownership interests. 4. Mortgage and Expenses: Specifying the responsibility of each party regarding mortgage payments, property taxes, utilities, repairs, and other shared expenses during the cohabitation period. 5. Dispute Resolution: Including provisions for resolving any conflicts or disagreements that might arise in relation to the agreement, such as mediation or arbitration. 6. Termination of Agreement: Stating the circumstances under which the agreement can be terminated, like marriage or the decision to no longer live together. In summary, a Kentucky Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence provides unmarried couples in Kentucky a legal framework to protect their interests and ensure a fair distribution of proceeds upon the sale of their shared property. It is important for individuals considering such an agreement to seek legal advice and tailor the document to their specific needs and circumstances. Keywords: Kentucky Agreement, Parties Living Together, Remaining Unmarried, Distribution of Proceeds, Sale of Residence, Co-Ownership Agreement, Property Agreement for Unmarried Couples, Ownership Interests, Sale Conditions, Distribution of Proceeds, Mortgage and Expenses, Dispute Resolution, Termination of Agreement.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
