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.
The Mecklenburg North Carolina Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legal document created by couples who are in a cohabiting relationship but choose not to get married. This agreement outlines the terms and conditions for the distribution of the proceeds upon the sale of their shared residence. In Mecklenburg County, North Carolina, there are various types of agreements that can be created to address the distribution of proceeds upon the sale of a shared residence by unmarried couples: 1. Mecklenburg North Carolina Agreement for Equal Distribution: This type of agreement states that the proceeds from the sale of the residence will be divided equally between the parties. It ensures that each partner receives a fair and equal share based on their contributions. 2. Mecklenburg North Carolina Agreement for Percentage Distribution: In this type of agreement, the distribution of proceeds is based on the percentage of ownership each partner has in the property. It considers factors like financial contributions, down payment, mortgage payments, and maintenance costs. 3. Mecklenburg North Carolina Agreement for Prioritized Distribution: This agreement prioritizes the distribution of proceeds based on a predetermined order. It may be used when one partner has made significant financial contributions or has contributed more towards the property's maintenance and improvement. 4. Mecklenburg North Carolina Agreement for Customized Distribution: Couples can create their own customized agreement that suits their specific needs and preferences. This may involve combining elements from different types of distribution agreements or including additional clauses to accommodate unique circumstances. Regardless of the type of agreement, it is essential that both parties seek legal advice and disclose all relevant financial information to ensure transparency and fairness. These agreements provide legal protection and clarity for unmarried couples in Mecklenburg County, North Carolina, when it comes to the distribution of proceeds upon the sale of their shared residence.
