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.
Keywords: King Washington Agreement, parties living together, unmarried, distribution of proceeds, sale of residence Description: A King Washington Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legally binding document that outlines the terms and conditions for the distribution of proceeds from the sale of a shared residence when the parties involved are living together as a couple but are not married. This agreement is designed to protect the rights and interests of both individuals in the event of a breakup or the sale of the property. It ensures that the distribution of proceeds is fair and equitable, considering each party's contributions and investments in the residence. There can be different types of King Washington Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, such as: 1. Basic Agreement: This agreement establishes the fundamental terms for the distribution of proceeds upon the sale of the shared residence. It typically includes provisions for the percentage of proceeds each party is entitled to based on their contributions to the purchase price, mortgage payments, maintenance, and improvements. 2. Equity Sharing Agreement: In this type of agreement, the parties agree to divide the proceeds based on their respective equity shares in the shared residence. This means that if one party contributed a larger percentage towards the purchase or mortgage payments, they are entitled to a higher share of the proceeds. 3. Exit Strategy Agreement: This agreement is often used when one party wishes to exit the shared residence but wants to retain a portion of the proceeds upon its sale. It outlines the conditions and terms under which one party can sell their share to the other party, ensuring a fair distribution of proceeds while allowing one party to exit the living arrangement. 4. Additional Contributions Agreement: Sometimes, one party may have made significant financial or non-financial contributions to the shared residence that are not covered in the basic agreement. In such cases, an additional contributions' agreement can be created to determine how these contributions impact the distribution of proceeds upon the sale of the residence. A King Washington Agreement provides a clear framework for the distribution of proceeds upon the sale of a shared residence for unmarried couples, ensuring that the rights and interests of both parties are protected. It is highly recommended consulting with legal professionals to draft and review such agreements to ensure they comply with local laws and suit the specific needs of the parties involved.Keywords: King Washington Agreement, parties living together, unmarried, distribution of proceeds, sale of residence Description: A King Washington Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legally binding document that outlines the terms and conditions for the distribution of proceeds from the sale of a shared residence when the parties involved are living together as a couple but are not married. This agreement is designed to protect the rights and interests of both individuals in the event of a breakup or the sale of the property. It ensures that the distribution of proceeds is fair and equitable, considering each party's contributions and investments in the residence. There can be different types of King Washington Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, such as: 1. Basic Agreement: This agreement establishes the fundamental terms for the distribution of proceeds upon the sale of the shared residence. It typically includes provisions for the percentage of proceeds each party is entitled to based on their contributions to the purchase price, mortgage payments, maintenance, and improvements. 2. Equity Sharing Agreement: In this type of agreement, the parties agree to divide the proceeds based on their respective equity shares in the shared residence. This means that if one party contributed a larger percentage towards the purchase or mortgage payments, they are entitled to a higher share of the proceeds. 3. Exit Strategy Agreement: This agreement is often used when one party wishes to exit the shared residence but wants to retain a portion of the proceeds upon its sale. It outlines the conditions and terms under which one party can sell their share to the other party, ensuring a fair distribution of proceeds while allowing one party to exit the living arrangement. 4. Additional Contributions Agreement: Sometimes, one party may have made significant financial or non-financial contributions to the shared residence that are not covered in the basic agreement. In such cases, an additional contributions' agreement can be created to determine how these contributions impact the distribution of proceeds upon the sale of the residence. A King Washington Agreement provides a clear framework for the distribution of proceeds upon the sale of a shared residence for unmarried couples, ensuring that the rights and interests of both parties are protected. It is highly recommended consulting with legal professionals to draft and review such agreements to ensure they comply with local laws and suit the specific needs of the parties involved.
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.
