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 Utah 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 terms and conditions regarding the division of proceeds from the sale of a shared property. This agreement is relevant for couples or individuals who live together in a committed relationship but choose to remain unmarried. In Utah, there are different types of agreements that can be used to address the distribution of proceeds upon the sale of a shared residence. Some common variations include: 1. Utah Cohabitation Agreement: This type of agreement is a comprehensive document that covers various aspects of cohabitation, including property division. It specifies how the proceeds from the sale of a shared residence will be distributed between the parties involved. 2. Utah Joint Tenancy Agreement: If the parties hold the property as joint tenants, this agreement can be used to establish the distribution of proceeds upon the sale. It outlines the contributions made by each party and how the proceeds will be divided based on their ownership percentages. 3. Utah Tenants in Common Agreement: In cases where the parties hold the property as tenants in common, this agreement defines the distribution of proceeds, taking into account each party's ownership share or financial contributions. 4. Utah Domestic Partnership Agreement: This agreement is specific to domestic partners who choose to live together without getting married. It can include provisions addressing the distribution of proceeds in the event of a relationship dissolution or the sale of a shared residence. Regardless of the type of agreement, it is crucial to include key elements such as: — Identification of the parties involved: Clearly state the names and addresses of both parties entering into the agreement. — Description of the shared residence: Provide a detailed description of the property, including its address, legal description, and any other relevant details to avoid confusion. — Financial contributions: Outline how the parties have contributed to the purchase, mortgage payments, maintenance, and improvements of the property. — Distribution of proceeds: Specify how the proceeds from the sale of the shared residence will be divided, taking into account the parties' contributions and ownership interests. — Allocation of debts and expenses: Address how any outstanding mortgage balances or other debts related to the property will be handled upon sale. — Dispute resolution: Include a provision for resolving any disagreements or disputes that may arise during the enforcement of the agreement. — Governing law: Clearly state that the agreement will be governed by the laws of the state of Utah. A Utah Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence provides clarity and helps avoid potential conflicts when selling a shared property. It is always advisable to consult with a qualified attorney to ensure that the agreement meets all legal requirements and adequately protects the parties' interests.
