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 Wisconsin 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 for the distribution of proceeds from the sale of a shared property for unmarried couples in the state of Wisconsin. This agreement allows unmarried couples to protect their financial interests and clarify how the proceeds will be divided in the event of a sale or separation. There are two types of Wisconsin agreements between parties living together but remaining unmarried with regard to the distribution of proceeds upon the sale of a residence: 1. Equal Distribution Agreement: This type of agreement states that the proceeds from the sale of the residence will be divided equally between both parties. It ensures that each party receives an equal share and may specify how the distribution will take place (e.g., via a joint bank account, direct payments, or other arrangements). 2. Custom Distribution Agreement: This type of agreement allows the parties to determine a specific distribution formula that is different from an equal split. The agreement can take various factors into consideration, such as the initial contributions to the property, ongoing financial contributions, or other arrangements that the parties find fair and suitable. It provides flexibility based on the unique circumstances of the couple's financial arrangements. In both types of Wisconsin agreements, it is crucial to include details about the property, such as the address, legal description, and any outstanding mortgages or liens. The agreement should also outline the responsibilities of each party regarding the property's maintenance, taxes, and insurance. Additionally, it is recommended to include provisions for the sale process itself, such as requirements for obtaining appraisals, choosing a real estate agent, or determining a minimum sale price. The agreement may also address scenarios where one party wishes to buy out the other's share of the property. Overall, a Wisconsin Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence provides a legal framework for unmarried couples to protect their financial interests in the event of a property sale or separation. It offers clarity, fairness, and peace of mind by pre-determining how the proceeds will be divided, reducing the potential for disputes and conflicts.A Wisconsin 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 for the distribution of proceeds from the sale of a shared property for unmarried couples in the state of Wisconsin. This agreement allows unmarried couples to protect their financial interests and clarify how the proceeds will be divided in the event of a sale or separation. There are two types of Wisconsin agreements between parties living together but remaining unmarried with regard to the distribution of proceeds upon the sale of a residence: 1. Equal Distribution Agreement: This type of agreement states that the proceeds from the sale of the residence will be divided equally between both parties. It ensures that each party receives an equal share and may specify how the distribution will take place (e.g., via a joint bank account, direct payments, or other arrangements). 2. Custom Distribution Agreement: This type of agreement allows the parties to determine a specific distribution formula that is different from an equal split. The agreement can take various factors into consideration, such as the initial contributions to the property, ongoing financial contributions, or other arrangements that the parties find fair and suitable. It provides flexibility based on the unique circumstances of the couple's financial arrangements. In both types of Wisconsin agreements, it is crucial to include details about the property, such as the address, legal description, and any outstanding mortgages or liens. The agreement should also outline the responsibilities of each party regarding the property's maintenance, taxes, and insurance. Additionally, it is recommended to include provisions for the sale process itself, such as requirements for obtaining appraisals, choosing a real estate agent, or determining a minimum sale price. The agreement may also address scenarios where one party wishes to buy out the other's share of the property. Overall, a Wisconsin Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence provides a legal framework for unmarried couples to protect their financial interests in the event of a property sale or separation. It offers clarity, fairness, and peace of mind by pre-determining how the proceeds will be divided, reducing the potential for disputes and conflicts.
