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 Pennsylvania Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, commonly known as a cohabitation agreement, is a legally binding contract that outlines the rights and responsibilities of unmarried couples who live together and own property in Pennsylvania. This agreement provides clarity and protection to unmarried couples in the event of a breakup or sale of their shared residence. It is crucial for couples to understand the different types of agreements available to suit their specific needs. 1. Basic Cohabitation Agreement: This type of agreement outlines the basic terms and conditions to be followed by the couple during their cohabitation period. It typically covers property ownership, contributions, and intentions regarding the division of proceeds upon the sale of the shared residence. 2. Equity Sharing Agreement: This agreement is designed for couples who have made unequal financial contributions to the shared residence. It details how the profits from the sale of the property will be distributed based on the partners' respective ownership percentages, generally reflecting their financial investments. 3. Exit Strategy Agreement: As the name suggests, this agreement focuses on establishing a clear exit strategy for each partner in the event of a breakup or the sale of the property. It addresses scenarios such as how one partner can buy out the other's interest in the home or how the sale proceeds will be divided. 4. Expense Sharing Agreement: This agreement concentrates on outlining each partner's financial responsibilities during their cohabitation period. It specifies how expenses, including mortgage payments, utilities, and maintenance costs, will be divided between the couple. 5. Property Maintenance Agreement: This type of agreement establishes the responsibilities of both partners regarding the upkeep and maintenance of the shared residence. It outlines each partner's obligations, such as repairs, renovations, and landscaping, while residing together. Regardless of the specific type of agreement, all Pennsylvania Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence should include clear provisions on property ownership, financial contributions, and the division of proceeds to avoid any future disputes or legal complications. It is highly recommended for couples to seek legal advice when drafting and finalizing these agreements to ensure they are enforceable and valid under Pennsylvania state law.A Pennsylvania Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, commonly known as a cohabitation agreement, is a legally binding contract that outlines the rights and responsibilities of unmarried couples who live together and own property in Pennsylvania. This agreement provides clarity and protection to unmarried couples in the event of a breakup or sale of their shared residence. It is crucial for couples to understand the different types of agreements available to suit their specific needs. 1. Basic Cohabitation Agreement: This type of agreement outlines the basic terms and conditions to be followed by the couple during their cohabitation period. It typically covers property ownership, contributions, and intentions regarding the division of proceeds upon the sale of the shared residence. 2. Equity Sharing Agreement: This agreement is designed for couples who have made unequal financial contributions to the shared residence. It details how the profits from the sale of the property will be distributed based on the partners' respective ownership percentages, generally reflecting their financial investments. 3. Exit Strategy Agreement: As the name suggests, this agreement focuses on establishing a clear exit strategy for each partner in the event of a breakup or the sale of the property. It addresses scenarios such as how one partner can buy out the other's interest in the home or how the sale proceeds will be divided. 4. Expense Sharing Agreement: This agreement concentrates on outlining each partner's financial responsibilities during their cohabitation period. It specifies how expenses, including mortgage payments, utilities, and maintenance costs, will be divided between the couple. 5. Property Maintenance Agreement: This type of agreement establishes the responsibilities of both partners regarding the upkeep and maintenance of the shared residence. It outlines each partner's obligations, such as repairs, renovations, and landscaping, while residing together. Regardless of the specific type of agreement, all Pennsylvania Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence should include clear provisions on property ownership, financial contributions, and the division of proceeds to avoid any future disputes or legal complications. It is highly recommended for couples to seek legal advice when drafting and finalizing these agreements to ensure they are enforceable and valid under Pennsylvania state law.
