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 Tennessee Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legally binding document that outlines how the proceeds from the sale of a jointly-owned property will be divided between unmarried individuals who have been living together. This agreement serves as a precautionary measure to protect the interests of both parties in case the relationship ends or the property is sold. The agreement typically begins by stating the names and addresses of the involved parties, accurately identifying the property in question, and specifying the mutual intention to live together while remaining unmarried. It also includes a comprehensive description of the terms and conditions under which the distribution of proceeds will occur. One type of Tennessee Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is the "Equal Split" agreement. In this scenario, both parties agree to an equal division of the proceeds, ensuring fairness and equity regardless of individual contributions towards the property's purchase or mortgage payments. Another type of agreement is the "Proportional Split" agreement, which takes into consideration the percentage of each party's financial contributions towards the property's acquisition, maintenance, or improvements. This arrangement ensures that the distribution of proceeds corresponds to each party's share of investment in the property throughout the cohabitation period. The agreement may also cover various contingencies such as one party deciding to move out prior to the sale of the property or instances where one party incurs substantial costs for repairs, renovations, or mortgage payments. Additionally, it can address potential disputes, outlining a process for dispute resolution, possibly involving mediation or arbitration, to reach an amicable resolution outside of court. By entering into a Tennessee Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, both parties demonstrate their commitment to protecting their respective interests and avoiding potential conflicts in the future. It provides a clear understanding of how the proceeds will be divided, considering each party's contributions and financial arrangements during their cohabitation period.A Tennessee Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legally binding document that outlines how the proceeds from the sale of a jointly-owned property will be divided between unmarried individuals who have been living together. This agreement serves as a precautionary measure to protect the interests of both parties in case the relationship ends or the property is sold. The agreement typically begins by stating the names and addresses of the involved parties, accurately identifying the property in question, and specifying the mutual intention to live together while remaining unmarried. It also includes a comprehensive description of the terms and conditions under which the distribution of proceeds will occur. One type of Tennessee Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is the "Equal Split" agreement. In this scenario, both parties agree to an equal division of the proceeds, ensuring fairness and equity regardless of individual contributions towards the property's purchase or mortgage payments. Another type of agreement is the "Proportional Split" agreement, which takes into consideration the percentage of each party's financial contributions towards the property's acquisition, maintenance, or improvements. This arrangement ensures that the distribution of proceeds corresponds to each party's share of investment in the property throughout the cohabitation period. The agreement may also cover various contingencies such as one party deciding to move out prior to the sale of the property or instances where one party incurs substantial costs for repairs, renovations, or mortgage payments. Additionally, it can address potential disputes, outlining a process for dispute resolution, possibly involving mediation or arbitration, to reach an amicable resolution outside of court. By entering into a Tennessee Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, both parties demonstrate their commitment to protecting their respective interests and avoiding potential conflicts in the future. It provides a clear understanding of how the proceeds will be divided, considering each party's contributions and financial arrangements during their cohabitation period.
