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 York 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 cohabit and jointly own a property while not being married. This agreement is designed to address the distribution of proceeds from the sale of the shared residence in an equitable manner, ensuring that both parties are treated fairly. Keywords: New York Agreement, Parties Living Together, Unmarried, Distribution of Proceeds, Sale of Residence. There are various types of New York Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, tailored to meet the specific needs and circumstances of the couple involved. Here are a few notable examples: 1. Simple Distribution Agreement: This type of agreement is suitable for couples who have an equal ownership share in the property and desire a straightforward division of proceeds upon sale. It typically outlines that each party will receive an equal percentage of the net proceeds. 2. Proportional Contribution Agreement: In cases where one party has contributed a larger share of the property's purchase price or ongoing expenses, this agreement ensures that the distribution of proceeds reflects their respective contributions. The document may specify the percentage of proceeds each individual receives based on their proportional investment. 3. Capital Improvement Agreement: If one party has made substantial investments in home improvements or renovations, this agreement secures their right to recoup a portion of those expenses upon the sale of the residence. It outlines the distribution of proceeds that considers the proportional contribution towards enhancing the property's value. 4. Time-based Ownership Agreement: In instances where one party has lived in the shared residence for a longer duration than the other, this agreement acknowledges the time-based equity. It may specify that the individual's portion of the proceeds increases incrementally for each year of residence, ensuring a fair distribution when the property is sold. 5. Pre-determined Buyout Agreement: This type of agreement allows one party to buy out the other's share in the property if they decide to sell. It outlines the terms for determining the buyout price, taking into account factors such as the property's appraised value, outstanding mortgage, and any other relevant considerations. It is important for couples cohabiting but remaining unmarried to consult with legal professionals experienced in real estate and family law to ensure their specific needs and interests are addressed while drafting a New York Agreement with regard to Distribution of Proceeds upon Sale of Residence.
