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.
South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legally binding contract that outlines the rights and responsibilities of unmarried couples living together and intending to sell their shared residence. This agreement serves as a protective measure to ensure fair distribution of proceeds when the property is sold. Key elements that may be included in a South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence include: 1. Identification of the Parties: The agreement will clearly state the names and contact information of the parties involved, establishing their legal identities. 2. Property Description: The agreement should provide a detailed description of the property, including its address and any specific identifiers to avoid confusion. 3. Contribution and Ownership Percentage: The agreement may specify each party's contribution to the purchase price of the property and establish their respective ownership percentage. This ensures that each party's financial investment is properly recognized during the distribution process. 4. Distribution of Proceeds: The agreement will outline how the proceeds from the sale of the residence will be divided between the parties. This can be based on the initial investment percentage or a different arrangement agreed upon by the parties. 5. Deduction of Costs: The agreement may also cover the deduction of costs associated with the sale, such as real estate agent commissions, closing costs, or outstanding mortgages. It should specify how these costs will be divided between the parties before the distribution of proceeds takes place. 6. Dispute Resolution: To avoid potential conflicts, the agreement may include a clause on dispute resolution, such as mediation or arbitration, in case the parties cannot agree on the distribution of proceeds. Different variations of a South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence may include: — Basic Agreement: This covers the fundamental aspects of the agreement and ensures the fair distribution of proceeds. — Customized Agreement: Parties have the flexibility to tailor the agreement to their specific needs and preferences, including additional clauses related to maintenance, repairs, or occupancy terms. — Short-Term Agreement: Designed for couples who do not plan to reside in the property for an extended period, this agreement outlines a specific timeframe or conditions upon which the property will be sold. It is important for unmarried couples living together in South Dakota to seek legal advice when drafting a South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence to ensure compliance with state laws and protection of their rights.South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legally binding contract that outlines the rights and responsibilities of unmarried couples living together and intending to sell their shared residence. This agreement serves as a protective measure to ensure fair distribution of proceeds when the property is sold. Key elements that may be included in a South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence include: 1. Identification of the Parties: The agreement will clearly state the names and contact information of the parties involved, establishing their legal identities. 2. Property Description: The agreement should provide a detailed description of the property, including its address and any specific identifiers to avoid confusion. 3. Contribution and Ownership Percentage: The agreement may specify each party's contribution to the purchase price of the property and establish their respective ownership percentage. This ensures that each party's financial investment is properly recognized during the distribution process. 4. Distribution of Proceeds: The agreement will outline how the proceeds from the sale of the residence will be divided between the parties. This can be based on the initial investment percentage or a different arrangement agreed upon by the parties. 5. Deduction of Costs: The agreement may also cover the deduction of costs associated with the sale, such as real estate agent commissions, closing costs, or outstanding mortgages. It should specify how these costs will be divided between the parties before the distribution of proceeds takes place. 6. Dispute Resolution: To avoid potential conflicts, the agreement may include a clause on dispute resolution, such as mediation or arbitration, in case the parties cannot agree on the distribution of proceeds. Different variations of a South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence may include: — Basic Agreement: This covers the fundamental aspects of the agreement and ensures the fair distribution of proceeds. — Customized Agreement: Parties have the flexibility to tailor the agreement to their specific needs and preferences, including additional clauses related to maintenance, repairs, or occupancy terms. — Short-Term Agreement: Designed for couples who do not plan to reside in the property for an extended period, this agreement outlines a specific timeframe or conditions upon which the property will be sold. It is important for unmarried couples living together in South Dakota to seek legal advice when drafting a South Dakota Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence to ensure compliance with state laws and protection of their rights.
