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 District of Columbia Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legal document that outlines the rights and responsibilities of individuals who live together as unmarried partners and jointly own a property in the District of Columbia. This agreement is designed to protect the interests of both parties and ensure a fair distribution of proceeds when the property is sold. In the District of Columbia, there are two main types of agreements that individuals can enter into to address the distribution of proceeds upon the sale of a jointly owned residence: 1. District of Columbia Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence — This type of agreement is tailored for unmarried couples who own a property together and want to define the distribution of proceeds in the event of a sale. It can address the division of equity and any contribution made by each party towards the purchase, mortgage payments, regular maintenance, and improvements. 2. District of Columbia Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence and Other Living Expenses — This agreement goes beyond the distribution of proceeds and also includes provisions for sharing other living expenses. It clarifies the financial responsibilities of each party, including mortgage payments, property taxes, utilities, and home maintenance. It also details the division of proceeds if the relationship ends and the property is sold. Regardless of the specific type of agreement, it is essential to include certain key elements to ensure its enforceability: — Identification of the parties involved, including their legal names and current address. — Detailed description and address of the jointly owned residence, including its legal description and any relevant identification numbers. — Clear provisions regarding the distribution of proceeds upon the sale of the property, considering factors like initial contributions, mortgage payments, maintenance expenses, and any other relevant financial contributions. — Procedures for resolving disputes that may arise during the course of the agreement, such as mediation or arbitration. — A statement acknowledging that the agreement is voluntary and that all parties have received independent legal advice prior to signing. — Signatures of all parties involved, along with the date of execution. It is important to note that these agreements are legally binding contracts and should be drafted with the assistance of an attorney experienced in family law or real estate in the District of Columbia. This ensures that the agreement meets all legal requirements and adequately protects the interests of both parties involved.A District of Columbia Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legal document that outlines the rights and responsibilities of individuals who live together as unmarried partners and jointly own a property in the District of Columbia. This agreement is designed to protect the interests of both parties and ensure a fair distribution of proceeds when the property is sold. In the District of Columbia, there are two main types of agreements that individuals can enter into to address the distribution of proceeds upon the sale of a jointly owned residence: 1. District of Columbia Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence — This type of agreement is tailored for unmarried couples who own a property together and want to define the distribution of proceeds in the event of a sale. It can address the division of equity and any contribution made by each party towards the purchase, mortgage payments, regular maintenance, and improvements. 2. District of Columbia Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence and Other Living Expenses — This agreement goes beyond the distribution of proceeds and also includes provisions for sharing other living expenses. It clarifies the financial responsibilities of each party, including mortgage payments, property taxes, utilities, and home maintenance. It also details the division of proceeds if the relationship ends and the property is sold. Regardless of the specific type of agreement, it is essential to include certain key elements to ensure its enforceability: — Identification of the parties involved, including their legal names and current address. — Detailed description and address of the jointly owned residence, including its legal description and any relevant identification numbers. — Clear provisions regarding the distribution of proceeds upon the sale of the property, considering factors like initial contributions, mortgage payments, maintenance expenses, and any other relevant financial contributions. — Procedures for resolving disputes that may arise during the course of the agreement, such as mediation or arbitration. — A statement acknowledging that the agreement is voluntary and that all parties have received independent legal advice prior to signing. — Signatures of all parties involved, along with the date of execution. It is important to note that these agreements are legally binding contracts and should be drafted with the assistance of an attorney experienced in family law or real estate in the District of Columbia. This ensures that the agreement meets all legal requirements and adequately protects the interests of both parties involved.
