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 Chicago Illinois agreement between parties living together but remaining unmarried with regard to the distribution of proceeds upon the sale of a residence is a legally binding document that outlines the terms and conditions for dividing the financial interest in a property when cohabitation partners decide to sell their shared home. This agreement is crucial for protecting both parties' rights and ensuring a fair distribution of proceeds. There are various types of Chicago Illinois agreements between parties living together but remaining unmarried with regard to the distribution of proceeds upon the sale of a residence, including: 1. Single Residence Agreement: This type of agreement is specifically designed for couples who own a single property together. It governs the distribution of proceeds when they decide to sell the shared residence. 2. Multiple Residences Agreement: In some cases, couples may own multiple properties together. This agreement addresses the distribution of sales proceeds for each property, ensuring a fair division. 3. Investment Property Agreement: If the couple owns a property solely for investment purposes, this agreement outlines the distribution of proceeds when selling the investment property. 4. Equity Sharing Agreement: This type of agreement is suitable when one partner contributes a greater percentage of the property's purchase price or mortgage payment. It determines how the sales proceeds will be divided based on each partner's financial contribution. Regardless of the specific type of agreement, certain keywords are crucial to include in the document to make it legally valid and comprehensive: — Parties: Clearly identify the individuals involved in the agreement, including their full legal names and addresses. — Property Description: Provide a detailed description of the residence, including its address, legal description, and any unique features. — Proceeds Distribution: Clearly state how the sales proceeds will be divided. This may include a specific percentage or a formula based on each party's contribution. — Expenses and Debts: Address any outstanding expenses or debts related to the property and determine who is responsible for them upon the sale. — Dispute Resolution: Include a clause that outlines the process of resolving any disputes that may arise during the distribution of proceeds. — Signatures: Both parties should sign the agreement in the presence of witnesses or a notary public to make it legally binding. Remember, it is highly recommended consulting with a legal professional to ensure the agreement complies with all relevant laws and adequately protects the parties' interests.A Chicago Illinois agreement between parties living together but remaining unmarried with regard to the distribution of proceeds upon the sale of a residence is a legally binding document that outlines the terms and conditions for dividing the financial interest in a property when cohabitation partners decide to sell their shared home. This agreement is crucial for protecting both parties' rights and ensuring a fair distribution of proceeds. There are various types of Chicago Illinois agreements between parties living together but remaining unmarried with regard to the distribution of proceeds upon the sale of a residence, including: 1. Single Residence Agreement: This type of agreement is specifically designed for couples who own a single property together. It governs the distribution of proceeds when they decide to sell the shared residence. 2. Multiple Residences Agreement: In some cases, couples may own multiple properties together. This agreement addresses the distribution of sales proceeds for each property, ensuring a fair division. 3. Investment Property Agreement: If the couple owns a property solely for investment purposes, this agreement outlines the distribution of proceeds when selling the investment property. 4. Equity Sharing Agreement: This type of agreement is suitable when one partner contributes a greater percentage of the property's purchase price or mortgage payment. It determines how the sales proceeds will be divided based on each partner's financial contribution. Regardless of the specific type of agreement, certain keywords are crucial to include in the document to make it legally valid and comprehensive: — Parties: Clearly identify the individuals involved in the agreement, including their full legal names and addresses. — Property Description: Provide a detailed description of the residence, including its address, legal description, and any unique features. — Proceeds Distribution: Clearly state how the sales proceeds will be divided. This may include a specific percentage or a formula based on each party's contribution. — Expenses and Debts: Address any outstanding expenses or debts related to the property and determine who is responsible for them upon the sale. — Dispute Resolution: Include a clause that outlines the process of resolving any disputes that may arise during the distribution of proceeds. — Signatures: Both parties should sign the agreement in the presence of witnesses or a notary public to make it legally binding. Remember, it is highly recommended consulting with a legal professional to ensure the agreement complies with all relevant laws and adequately protects the parties' interests.
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.
