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.
The New Mexico 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 unmarried couples who jointly own a house or property in the state of New Mexico. This agreement is designed to protect the interests of both parties and ensure a fair distribution of proceeds in the event of a sale or separation. The agreement addresses various crucial aspects regarding the division of proceeds from the sale of the residence. It outlines how the sale will be handled, including the process for listing the property, selecting a real estate agent, and determining the listing price. The agreement may also specify provisions for negotiating offers, accepting or rejecting them, and establishing a settlement timeframe. Furthermore, the agreement tackles the distribution of the proceeds from the sale and how it will be divided between the parties involved. It may define each party's individual contribution to the purchase or maintenance of the property and establish a fair distribution based on those contributions. It might also address factors such as shared mortgage payments, renovations, or any outstanding debts related to the property. In addition to the standard New Mexico Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, there may be variations or additional agreements that cater to specific scenarios or unique circumstances. These variations could include: 1. New Mexico Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence with Children: This agreement would include provisions related to child custody, support, and visitation rights in addition to the distribution of proceeds. 2. New Mexico Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence with Unequal Contributions: This agreement addresses situations where one party has made a significantly greater financial contribution to the property and outlines a fair distribution based on those contributions. 3. New Mexico Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence with Legacy Provisions: This type of agreement allows one party to leave their share of the property to specific beneficiaries, such as children or family members, in the event of their death. It is important for couples who cohabit but remain unmarried in New Mexico to consider drafting a legally binding agreement to protect their respective rights and interests. Seeking the assistance of a qualified attorney experienced in real estate and family law in New Mexico is highly recommended ensuring that the agreement covers all necessary aspects and complies with state laws.
