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 New Hampshire 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, responsibilities, and distribution of proceeds between unmarried couples who own a shared residence in the state of New Hampshire. This agreement is designed to protect the interests and investments of both parties, ensuring a fair distribution of assets and expenses in the event of a property sale. Key terms and concepts related to a New Hampshire Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence include: 1. Property Ownership: The agreement will clearly state the ownership structure of the shared residence, whether it is jointly owned or held as separate interests. It will detail each party's percentage of ownership, indicating their respective shares in the proceeds upon sale. 2. Property Expenses: The agreement will outline how expenses related to the residence, such as mortgage payments, property taxes, insurance, repairs, and maintenance, will be shared between the parties. It may specify that such expenses be divided equally or in proportion to ownership shares. 3. Sale of the Property: Should the parties decide to sell the shared residence, the agreement will specify the process for selling the property, including who has the authority to initiate the sale, how the sale price will be determined, and how the proceeds will be distributed among the parties. 4. Distribution of Proceeds: This aspect of the agreement is crucial in determining how the sale proceeds will be divided between the parties. It may stipulate that the proceeds be distributed proportionally to the ownership shares or outline any alternative arrangements agreed upon by the couple. The agreement can address how outstanding debts, legal fees, or other obligations related to the shared residence should be settled from the sale proceeds. 5. Termination of Agreement: The document may clearly establish the conditions under which the agreement can be terminated, such as through mutual agreement, termination notice, or any event such as marriage or the purchase of a new property. While the core elements of a New Hampshire Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence remain consistent, different variations or subtypes of this agreement may exist to address specific circumstances or preferences. These may include: 1. Cohabitation Property Agreement: A general agreement that covers various aspects of property ownership, expenses, and distribution of proceeds for unmarried couples living together in New Hampshire. 2. Pre-Sale Agreement: This agreement is specific to the anticipated sale of the shared residence and focuses solely on the distribution of proceeds. 3. Post-Sale Agreement: Created after the sale of the shared residence, this agreement determines the distribution and handling of the proceeds. 4. Property Management Agreement: Designed for situations where one party takes on the responsibility of managing the shared property on behalf of both parties and outlines the duties, rights, and compensation for the managing party. By utilizing a New Hampshire Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, unmarried couples can protect their interests while ensuring a fair and amicable resolution regarding the distribution of proceeds from the sale of their shared residence.A New Hampshire 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, responsibilities, and distribution of proceeds between unmarried couples who own a shared residence in the state of New Hampshire. This agreement is designed to protect the interests and investments of both parties, ensuring a fair distribution of assets and expenses in the event of a property sale. Key terms and concepts related to a New Hampshire Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence include: 1. Property Ownership: The agreement will clearly state the ownership structure of the shared residence, whether it is jointly owned or held as separate interests. It will detail each party's percentage of ownership, indicating their respective shares in the proceeds upon sale. 2. Property Expenses: The agreement will outline how expenses related to the residence, such as mortgage payments, property taxes, insurance, repairs, and maintenance, will be shared between the parties. It may specify that such expenses be divided equally or in proportion to ownership shares. 3. Sale of the Property: Should the parties decide to sell the shared residence, the agreement will specify the process for selling the property, including who has the authority to initiate the sale, how the sale price will be determined, and how the proceeds will be distributed among the parties. 4. Distribution of Proceeds: This aspect of the agreement is crucial in determining how the sale proceeds will be divided between the parties. It may stipulate that the proceeds be distributed proportionally to the ownership shares or outline any alternative arrangements agreed upon by the couple. The agreement can address how outstanding debts, legal fees, or other obligations related to the shared residence should be settled from the sale proceeds. 5. Termination of Agreement: The document may clearly establish the conditions under which the agreement can be terminated, such as through mutual agreement, termination notice, or any event such as marriage or the purchase of a new property. While the core elements of a New Hampshire Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence remain consistent, different variations or subtypes of this agreement may exist to address specific circumstances or preferences. These may include: 1. Cohabitation Property Agreement: A general agreement that covers various aspects of property ownership, expenses, and distribution of proceeds for unmarried couples living together in New Hampshire. 2. Pre-Sale Agreement: This agreement is specific to the anticipated sale of the shared residence and focuses solely on the distribution of proceeds. 3. Post-Sale Agreement: Created after the sale of the shared residence, this agreement determines the distribution and handling of the proceeds. 4. Property Management Agreement: Designed for situations where one party takes on the responsibility of managing the shared property on behalf of both parties and outlines the duties, rights, and compensation for the managing party. By utilizing a New Hampshire Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, unmarried couples can protect their interests while ensuring a fair and amicable resolution regarding the distribution of proceeds from the sale of their shared residence.
