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 since the Illinois Conveyance Act, 765 ILCS 5/30) Sec. 30, states the following:
"All deeds, mortgages and other instruments of writing which are authorized to be recorded, shall take effect and be in force from and after the time of filing the same for record, and not before, as to all creditors and subsequent purchasers, without notice; and all such deeds and title papers shall be adjudged void as to all such creditors and subsequent purchasers, without notice, until the same shall be filed for record."
An example of an agreement between two parties refers to a legally binding document that outlines the terms, conditions, and obligations agreed upon by both parties involved in a specific arrangement. These agreements are crucial in various contexts, such as business partnerships, contracts, leases, or service agreements, to ensure clarity and protect the rights and interests of both parties. One common type of agreement between two parties is a partnership agreement. This agreement is entered into when two or more individuals or entities decide to collaborate and establish a partnership. It outlines the roles and responsibilities of each partner, the profit-sharing arrangement, decision-making processes, and procedures for dispute resolution. Another example is a sales agreement which usually occurs when one party agrees to sell goods or services to another. This agreement outlines the details of the transaction, including the specific goods/services, pricing, payment terms, delivery terms, warranties, and any other relevant terms and conditions. A lease agreement is another form of agreement between two parties commonly used in real estate or rental transactions. In this document, the landlord (first party) and the tenant (second party) agree on the terms and conditions for renting a property, including rent amount, duration, security deposit, maintenance responsibilities, and conditions for termination. A service level agreement (SLA) is an example of an agreement between two parties commonly used in the service industry. It outlines the specific services to be provided by one party (service provider) to the other (service recipient). It includes details such as service scope, performance metrics, response times, penalties for non-compliance, and termination clauses. Other types of agreements between two parties may include licensing agreements, non-disclosure agreements (NDAs), supply agreements, employment contracts, non-compete agreements, and many more. Each agreement type serves a specific purpose and covers different aspects of the relationship between the parties. In summary, an example of an agreement between two parties can include partnership agreements, sales agreements, lease agreements, service level agreements, and various other types, each suited to the specific context and requirements of the parties involved.
