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 Texas Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, also known as a cohabitation agreement, is a legal contract designed to address the distribution of proceeds from the sale of a shared residence when unmarried couples decide to part ways. This agreement is made between two individuals who are in a committed relationship and have chosen to live together without getting married. By entering into this agreement, the parties involved can establish clear guidelines and expectations regarding the division of assets, specifically the proceeds from the sale of their shared residence. This document aims to prevent potential disputes and ensures that both parties are aware of their rights and responsibilities in the event of a separation or the sale of the property. Commonly included provisions in a Texas Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence may include: 1. Property Ownership: Clearly stating the ownership structure of the shared residence, including whether it is jointly owned or owned by one party. 2. Contribution: Specifying the financial contributions made by each party in purchasing and maintaining the property. 3. Distribution of Proceeds: Outlining how the proceeds from the sale of the residence will be divided between the parties, often based on their financial contributions or another agreed-upon formula. 4. Mortgage and Expenses: Defining how mortgage payments, property taxes, utilities, and other expenses will be divided during the cohabitation period. 5. Sale of the Residence: Detailing the process and conditions under which the residence can be sold, such as specifying whether both parties must agree or if one party can initiate the sale unilaterally. 6. Dispute Resolution: Including provisions for resolving any disputes that may arise during the cohabitation or when distributing the proceeds from the sale, such as mediation or arbitration. It is worth noting that there can be variations of this type of agreement depending on the specific needs and preferences of the individuals involved. Some agreements may address additional issues such as the division of personal property, pet ownership, or agreements regarding potential renovations or improvements made to the shared residence. In conclusion, a Texas Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legally binding document that provides clarity and protection for unmarried couples who cohabit ate and share a residence. By establishing clear guidelines regarding property ownership, financial contributions, and the division of proceeds from the sale, this agreement helps mitigate potential conflicts and ensures a fair distribution for both parties involved.
