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.
Title: Understanding the Arizona Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence Keywords: Arizona Agreement, Parties Living Together, Unmarried, Distribution of Proceeds, Sale of Residence Introduction: The state of Arizona recognizes the growing number of couples who choose to live together without getting married. To protect the rights and interests of individuals in such relationships, Arizona offers an Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence. This legal agreement ensures that both parties can determine how the proceeds from the sale of their shared residence will be divided, creating clarity and avoiding potential conflicts. Types of Arizona Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Arizona Basic Agreement: The Basic Agreement serves as a foundation for couples living together but remaining unmarried in Arizona. It outlines the terms and conditions for the distribution of proceeds upon the sale of the shared residence. Couples can customize this agreement to suit their specific needs, addressing matters such as unequal contributions, mortgage responsibilities, and individual ownership proportions. 2. Arizona Asset Protection Agreement: This type of agreement focuses on protecting the individual assets of each party in case of a future separation or sale of the residence. It allows couples to define their ownership rights and financial contributions from their separate assets to the shared property. The Asset Protection Agreement can also address issues of inheritance, pre-existing debts, and financial responsibilities. 3. Arizona Custom Distribution Agreement: The Custom Distribution Agreement provides couples with the flexibility to create a unique arrangement for the distribution of proceeds. This type of agreement can accommodate various scenarios and factors such as children from previous relationships, business interests, or specific financial concerns. It allows couples to tailor their agreement to meet their individual and joint requirements. 4. Arizona Co-ownership Agreement: The Co-ownership Agreement is suitable for couples who desire an equal or specific division of the proceeds upon the sale of their shared residence. This agreement clearly defines each party's percentage of ownership, regardless of their initial financial contributions. It can establish a proportionate share in accordance with financial commitments, investments, or other relevant factors. Key Considerations in an Arizona Agreement between Parties Living Together but Remaining Unmarried: 1. Property Valuation: Parties must determine how the shared residence will be appraised and who will be responsible for obtaining a qualified appraisal to establish its fair market value at the time of sale. 2. Mortgage and Expenses: The agreement should address how mortgage payments, taxes, insurance, or other property-related expenses will be handled during the cohabitation period and leading up to the sale. 3. Proceeds Distribution: It is essential to clearly articulate how the proceeds from the sale of the shared residence will be divided, accounting for the initial investment, contributions during cohabitation, or others agreed upon factors. 4. Dispute Resolution: Including a provision for dispute resolution methods such as mediation or arbitration can help parties resolve disagreements amicably, reducing the need for costly litigation. Conclusion: An Arizona Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence provides couples with the opportunity to establish clear guidelines for the distribution of proceeds from the sale of their shared property. By choosing an agreement type that aligns with their specific circumstances, parties can safeguard their interests and avoid potential disputes. Seeking legal advice when drafting and executing such agreements is highly recommended ensuring compliance with Arizona law and protect the rights of both parties involved.Title: Understanding the Arizona Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence Keywords: Arizona Agreement, Parties Living Together, Unmarried, Distribution of Proceeds, Sale of Residence Introduction: The state of Arizona recognizes the growing number of couples who choose to live together without getting married. To protect the rights and interests of individuals in such relationships, Arizona offers an Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence. This legal agreement ensures that both parties can determine how the proceeds from the sale of their shared residence will be divided, creating clarity and avoiding potential conflicts. Types of Arizona Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Arizona Basic Agreement: The Basic Agreement serves as a foundation for couples living together but remaining unmarried in Arizona. It outlines the terms and conditions for the distribution of proceeds upon the sale of the shared residence. Couples can customize this agreement to suit their specific needs, addressing matters such as unequal contributions, mortgage responsibilities, and individual ownership proportions. 2. Arizona Asset Protection Agreement: This type of agreement focuses on protecting the individual assets of each party in case of a future separation or sale of the residence. It allows couples to define their ownership rights and financial contributions from their separate assets to the shared property. The Asset Protection Agreement can also address issues of inheritance, pre-existing debts, and financial responsibilities. 3. Arizona Custom Distribution Agreement: The Custom Distribution Agreement provides couples with the flexibility to create a unique arrangement for the distribution of proceeds. This type of agreement can accommodate various scenarios and factors such as children from previous relationships, business interests, or specific financial concerns. It allows couples to tailor their agreement to meet their individual and joint requirements. 4. Arizona Co-ownership Agreement: The Co-ownership Agreement is suitable for couples who desire an equal or specific division of the proceeds upon the sale of their shared residence. This agreement clearly defines each party's percentage of ownership, regardless of their initial financial contributions. It can establish a proportionate share in accordance with financial commitments, investments, or other relevant factors. Key Considerations in an Arizona Agreement between Parties Living Together but Remaining Unmarried: 1. Property Valuation: Parties must determine how the shared residence will be appraised and who will be responsible for obtaining a qualified appraisal to establish its fair market value at the time of sale. 2. Mortgage and Expenses: The agreement should address how mortgage payments, taxes, insurance, or other property-related expenses will be handled during the cohabitation period and leading up to the sale. 3. Proceeds Distribution: It is essential to clearly articulate how the proceeds from the sale of the shared residence will be divided, accounting for the initial investment, contributions during cohabitation, or others agreed upon factors. 4. Dispute Resolution: Including a provision for dispute resolution methods such as mediation or arbitration can help parties resolve disagreements amicably, reducing the need for costly litigation. Conclusion: An Arizona Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence provides couples with the opportunity to establish clear guidelines for the distribution of proceeds from the sale of their shared property. By choosing an agreement type that aligns with their specific circumstances, parties can safeguard their interests and avoid potential disputes. Seeking legal advice when drafting and executing such agreements is highly recommended ensuring compliance with Arizona law and protect the rights of both parties involved.
