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."
Sample Agreement between Two Parties for Payment: Title: Detailed Sample Agreement between Two Parties for Payment Introduction: This article aims to provide a comprehensive understanding of the various types of sample agreements between two parties for payment. It will outline the key components and relevant keywords necessary to draft an effective and legally binding agreement. 1. Simple Payment Agreement: The Simple Payment Agreement is a basic contract between two parties, outlining the terms and conditions for payment. It covers essential elements such as payment amount, payment schedule, and details of the parties involved. Keywords: payment terms, amount due, payment schedule. 2. Installment Payment Agreement: An Installment Payment Agreement facilitates payment for goods, services, or loans in multiple installments over a specific period. This agreement defines the installment structure, due dates, and any penalties for missed payments. Keywords: installments, due dates, penalties, missed payments. 3. Promissory Note: A Promissory Note is a formal document where one party (the promise) promises to pay a specific sum of money to another party (the payee) within a specified time frame and at a determined interest rate. Keywords: interest rate, maturity date, repayment terms. 4. Service Level Agreement: A Service Level Agreement (SLA) focuses on payment terms between a service provider and a client. It includes the scope of work, expected deliverables, payment schedule, and penalties for non-compliance. Keywords: scope of work, deliverables, non-compliance penalties. 5. Joint Venture Agreement: A Joint Venture Agreement outlines payment terms in a partnership or collaboration where two parties pool resources and work towards a common objective. It details contributions, profit distribution, and reimbursement of expenses incurred. Keywords: profit sharing, resource contributions, expense reimbursement. 6. Refund Policy Agreement: A Refund Policy Agreement establishes terms and conditions for refunds between a buyer and a seller. It addresses refund eligibility, timelines, and any associated fees or deductions. Keywords: eligibility, timelines, fees, deductions. 7. Non-Disclosure Agreement with Payment Terms: A Non-Disclosure Agreement (NDA) with payment terms ensures that confidential information shared between parties is not disclosed to third parties. This type of agreement may include a provision for payment in the event of a confidentiality breach. Keywords: confidentiality, breach, compensation. Conclusion: Understanding the various types of sample agreements between two parties for payment is crucial when drafting legally binding contracts. Each agreement type serves a specific purpose, catering to different scenarios and requirements. By incorporating relevant keywords within the agreement, parties can ensure clarity, enforceability, and protection of their rights.
