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 since the Illinois Conveyance Act, 765 ILCS 5/30) Sec. 30, states the following:
"All deeds, mortgages and other instruments of writing which are authorized to be recorded, shall take effect and be in force from and after the time of filing the same for record, and not before, as to all creditors and subsequent purchasers, without notice; and all such deeds and title papers shall be adjudged void as to all such creditors and subsequent purchasers, without notice, until the same shall be filed for record."
The Chicago Illinois Agreement between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence is a legal document that outlines the terms and conditions for the sale of a shared property when two or more individuals who are in a domestic partnership or living arrangement but are not legally married decide to separate or sell the property. This agreement is specifically designed for unmarried couples residing in Chicago, Illinois. Keywords: Chicago Illinois, Agreement, Parties Living Together, Unmarried, Sale of Residence, Domestic Partnership, Living Arrangement, Separate, Sell, Property. There are different types of Chicago Illinois Agreement between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence, depending on the specific circumstances and intentions of the parties involved. These types can include: 1. Co-Ownership Agreement: This type of agreement outlines the ownership shares and responsibilities of each individual with regard to the property. It specifies the percentage of ownership and the rights and obligations associated with it. 2. Sale and Division Agreement: This agreement focuses on the division of the proceeds from the sale of the property. It outlines how the sale proceeds will be divided between the parties, taking into account factors such as initial investments, mortgage payments, and upkeep expenses. 3. Buyout Agreement: In cases where one party wishes to buy out the other party's share of the property, a buyout agreement can be included. This agreement specifies the terms and conditions for the buyout, including the price, payment schedule, and any other relevant terms. 4. Right of First Refusal Agreement: This type of agreement allows one party to have the first opportunity to purchase the other party's share of the property if they decide to sell it. It outlines the procedure for exercising the right of first refusal and the conditions under which it can be invoked. 5. Dispute Resolution Agreement: In situations where the parties anticipate potential disagreements or conflicts during the sale process, a dispute resolution agreement can be included. This agreement outlines the procedures for resolving disputes, such as mediation or arbitration, to ensure a smoother sale process. These are just a few examples of the different types of Chicago Illinois Agreements between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence. It is important for individuals in such living situations to consult with an attorney experienced in family law to determine the most suitable agreement for their unique circumstances.The Chicago Illinois Agreement between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence is a legal document that outlines the terms and conditions for the sale of a shared property when two or more individuals who are in a domestic partnership or living arrangement but are not legally married decide to separate or sell the property. This agreement is specifically designed for unmarried couples residing in Chicago, Illinois. Keywords: Chicago Illinois, Agreement, Parties Living Together, Unmarried, Sale of Residence, Domestic Partnership, Living Arrangement, Separate, Sell, Property. There are different types of Chicago Illinois Agreement between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence, depending on the specific circumstances and intentions of the parties involved. These types can include: 1. Co-Ownership Agreement: This type of agreement outlines the ownership shares and responsibilities of each individual with regard to the property. It specifies the percentage of ownership and the rights and obligations associated with it. 2. Sale and Division Agreement: This agreement focuses on the division of the proceeds from the sale of the property. It outlines how the sale proceeds will be divided between the parties, taking into account factors such as initial investments, mortgage payments, and upkeep expenses. 3. Buyout Agreement: In cases where one party wishes to buy out the other party's share of the property, a buyout agreement can be included. This agreement specifies the terms and conditions for the buyout, including the price, payment schedule, and any other relevant terms. 4. Right of First Refusal Agreement: This type of agreement allows one party to have the first opportunity to purchase the other party's share of the property if they decide to sell it. It outlines the procedure for exercising the right of first refusal and the conditions under which it can be invoked. 5. Dispute Resolution Agreement: In situations where the parties anticipate potential disagreements or conflicts during the sale process, a dispute resolution agreement can be included. This agreement outlines the procedures for resolving disputes, such as mediation or arbitration, to ensure a smoother sale process. These are just a few examples of the different types of Chicago Illinois Agreements between Parties Living Together but Remaining Unmarried with Regard to Sale of Residence. It is important for individuals in such living situations to consult with an attorney experienced in family law to determine the most suitable agreement for their unique circumstances.
