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.
Franklin Ohio 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 who cohabit and jointly own a residence in Franklin, Ohio. This agreement outlines the rights, obligations, and distribution of proceeds in the event of a sale or the termination of the cohabitation. Keywords: Franklin Ohio Agreement, Parties Living Together, Unmarried, Distribution of Proceeds, Sale of Residence Different Types of Franklin Ohio Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Basic Agreement: This type of agreement establishes the legal rights and obligations of the parties involved in sharing ownership of a residence. It outlines the percentage of ownership each party holds and how the proceeds would be split in the event of a sale. 2. Non-Contributor Agreement: This agreement is suitable when one party does not contribute financially to the purchase or maintenance of the residence. It clarifies that the contributing party would be entitled to a larger share of the proceeds upon the sale. 3. Equity-Based Agreement: In circumstances where one party contributes a higher percentage of the total investment in the property, an equity-based agreement can be used. This agreement ensures that the distribution of proceeds aligns with the parties' respective contributions. 4. Fixed Percentage Agreement: This type of agreement establishes a predetermined fixed percentage for each party's share of the proceeds, regardless of their individual contributions. It provides a clear and straightforward method of distribution upon the sale of the residence. 5. Exit Strategy Agreement: An exit strategy agreement outlines the distribution of proceeds if one party wishes to terminate the cohabitation, even if the residence is not sold. It addresses various scenarios, such as one party buying out the other's share or selling the property and distributing the proceeds accordingly. 6. Mortgage and Debt Agreement: This agreement specifically addresses the allocation of mortgage payments, debts, and associated expenses incurred during the cohabitation. It ensures that both parties contribute fairly and outlines the distribution of proceeds in line with their financial obligations. In conclusion, a Franklin Ohio Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence offers a comprehensive legal solution for unmarried couples cohabiting in Franklin, Ohio. By establishing clear guidelines for the distribution of proceeds, these agreements provide structure and protection for both parties involved in joint homeownership.Franklin Ohio 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 who cohabit and jointly own a residence in Franklin, Ohio. This agreement outlines the rights, obligations, and distribution of proceeds in the event of a sale or the termination of the cohabitation. Keywords: Franklin Ohio Agreement, Parties Living Together, Unmarried, Distribution of Proceeds, Sale of Residence Different Types of Franklin Ohio Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence: 1. Basic Agreement: This type of agreement establishes the legal rights and obligations of the parties involved in sharing ownership of a residence. It outlines the percentage of ownership each party holds and how the proceeds would be split in the event of a sale. 2. Non-Contributor Agreement: This agreement is suitable when one party does not contribute financially to the purchase or maintenance of the residence. It clarifies that the contributing party would be entitled to a larger share of the proceeds upon the sale. 3. Equity-Based Agreement: In circumstances where one party contributes a higher percentage of the total investment in the property, an equity-based agreement can be used. This agreement ensures that the distribution of proceeds aligns with the parties' respective contributions. 4. Fixed Percentage Agreement: This type of agreement establishes a predetermined fixed percentage for each party's share of the proceeds, regardless of their individual contributions. It provides a clear and straightforward method of distribution upon the sale of the residence. 5. Exit Strategy Agreement: An exit strategy agreement outlines the distribution of proceeds if one party wishes to terminate the cohabitation, even if the residence is not sold. It addresses various scenarios, such as one party buying out the other's share or selling the property and distributing the proceeds accordingly. 6. Mortgage and Debt Agreement: This agreement specifically addresses the allocation of mortgage payments, debts, and associated expenses incurred during the cohabitation. It ensures that both parties contribute fairly and outlines the distribution of proceeds in line with their financial obligations. In conclusion, a Franklin Ohio Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence offers a comprehensive legal solution for unmarried couples cohabiting in Franklin, Ohio. By establishing clear guidelines for the distribution of proceeds, these agreements provide structure and protection for both parties involved in joint homeownership.
