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: Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence Introduction: A Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legal document designed to outline the allocation of proceeds resulting from the sale of a shared property between unmarried couples. This contract serves as a guiding framework in the event of a separation, ensuring fair distribution of assets and protecting the interests of both parties involved. Types of Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Hawaii Agreement for Equal Distribution: This type of agreement ensures that both parties receive an equal share of the proceeds from the sale of their shared residence. It outlines the distribution process, including factors such as contributions made towards the purchase, mortgage payments, and home improvements. 2. Hawaii Agreement for Proportional Distribution: In this agreement, the distribution of proceeds is based on the proportionate contributions made by each party during the period of cohabitation. It takes into account variables such as initial down payment, mortgage payments, renovations, and other financial contributions. 3. Hawaii Agreement for Specific Distribution: This agreement allows couples to specify a predetermined distribution plan for the proceeds upon the sale of the shared residence. It provides flexibility for individuals to tailor the agreement according to their preferences, considering factors such as personal circumstances, future plans, or unique financial contributions. 4. Hawaii Agreement with Buyout Option: In some cases, one party may decide to retain sole ownership of the property and buy out the other party's share. This agreement includes provisions outlining the buyout process, including fair property valuation, payment terms, and any associated legal obligations. Key Components of a Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Identification of Parties: The agreement clearly identifies the individuals involved, their contact information, and their relationship status as unmarried cohabitants. 2. Property Description: A thorough description of the shared residence, including the address, legal description, and other relevant details, is provided to establish the subject property. 3. Asset Valuation: The agreement may include an agreed-upon method for valuing the current market worth of the property to determine the amount to be distributed upon its sale. 4. Contributions and Financing: The document outlines the financial contributions made by each party, such as down payments, mortgage payments, and home improvements. It also considers non-financial contributions, such as maintenance, repairs, and renovations. 5. Distribution Formula or Plan: The agreement specifies the distribution method, whether equal, proportional, specific, or with a buyout option. The plan may include additional considerations such as outstanding debts, taxes, or liabilities associated with the property. 6. Dispute Resolution: In the event of a disagreement or dispute, the agreement may outline a process for mediation, arbitration, or alternative dispute resolution mechanisms to resolve conflicts without resorting to expensive litigation. Conclusion: A Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is an essential legal tool for unmarried couples who share property and want to ensure a fair and comprehensive distribution of proceeds upon its sale. It provides clear guidelines and protects the interests of both parties, creating a sense of security and certainty amidst the complexities of cohabitation and property ownership.Title: Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence Introduction: A Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legal document designed to outline the allocation of proceeds resulting from the sale of a shared property between unmarried couples. This contract serves as a guiding framework in the event of a separation, ensuring fair distribution of assets and protecting the interests of both parties involved. Types of Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Hawaii Agreement for Equal Distribution: This type of agreement ensures that both parties receive an equal share of the proceeds from the sale of their shared residence. It outlines the distribution process, including factors such as contributions made towards the purchase, mortgage payments, and home improvements. 2. Hawaii Agreement for Proportional Distribution: In this agreement, the distribution of proceeds is based on the proportionate contributions made by each party during the period of cohabitation. It takes into account variables such as initial down payment, mortgage payments, renovations, and other financial contributions. 3. Hawaii Agreement for Specific Distribution: This agreement allows couples to specify a predetermined distribution plan for the proceeds upon the sale of the shared residence. It provides flexibility for individuals to tailor the agreement according to their preferences, considering factors such as personal circumstances, future plans, or unique financial contributions. 4. Hawaii Agreement with Buyout Option: In some cases, one party may decide to retain sole ownership of the property and buy out the other party's share. This agreement includes provisions outlining the buyout process, including fair property valuation, payment terms, and any associated legal obligations. Key Components of a Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Identification of Parties: The agreement clearly identifies the individuals involved, their contact information, and their relationship status as unmarried cohabitants. 2. Property Description: A thorough description of the shared residence, including the address, legal description, and other relevant details, is provided to establish the subject property. 3. Asset Valuation: The agreement may include an agreed-upon method for valuing the current market worth of the property to determine the amount to be distributed upon its sale. 4. Contributions and Financing: The document outlines the financial contributions made by each party, such as down payments, mortgage payments, and home improvements. It also considers non-financial contributions, such as maintenance, repairs, and renovations. 5. Distribution Formula or Plan: The agreement specifies the distribution method, whether equal, proportional, specific, or with a buyout option. The plan may include additional considerations such as outstanding debts, taxes, or liabilities associated with the property. 6. Dispute Resolution: In the event of a disagreement or dispute, the agreement may outline a process for mediation, arbitration, or alternative dispute resolution mechanisms to resolve conflicts without resorting to expensive litigation. Conclusion: A Hawaii Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is an essential legal tool for unmarried couples who share property and want to ensure a fair and comprehensive distribution of proceeds upon its sale. It provides clear guidelines and protects the interests of both parties, creating a sense of security and certainty amidst the complexities of cohabitation and property ownership.
