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.
Connecticut Agreement between Parties Living Together but Remaining Unmarried with regard to Distribution of Proceeds upon Sale of Residence is a legally binding contract that addresses the distribution and division of proceeds from the sale of a shared property, in cases where unmarried couples or parties cohabit ate. This agreement is designed to protect the rights and interests of both individuals involved in the property ownership, particularly when they are not legally married. It provides clarity and a predetermined framework for sharing the financial gains or losses resulting from the sale of their shared residence. Different types of Connecticut Agreements between Parties Living Together but Remaining Unmarried can vary in their specifics and may include: 1. Distribution of Proceeds Agreement: This type of agreement specifies the percentage or manner in which the sale proceeds will be distributed between the parties. It outlines the contributions made by each individual during the ownership period and determines how the net proceeds will be divided. 2. Equity Sharing Agreement: In situations where one party has contributed more towards the initial purchase or mortgage payments, an equity sharing agreement can be established. This agreement will stipulate the percentage of ownership and the distribution of proceeds based on the respective contributions made by each party. 3. Residual Agreement: A residual agreement outlines the order of priority when it comes to distributing the proceeds. It determines if any outstanding debts or expenses related to the property sale should be subtracted before dividing the remaining funds. This type of agreement is beneficial in situations where one party has incurred significant expenses that need to be accounted for before distributing the proceeds. 4. Buyout Agreement: In some cases, one party may choose to buy out the other's share of the property instead of selling it on the open market. A buyout agreement outlines the terms and conditions for the buyout, including the purchase price, payment terms, and any additional agreements that need to be considered. Regardless of the specific type of Connecticut Agreement between Parties Living Together but Remaining Unmarried, it is essential for both parties to consult legal professionals and ensure that the agreement complies with Connecticut state laws. This protects the rights and interests of all parties involved and provides clarity in the event of a sale or dispute.
