Equity Minimum Agreement In Illinois

• Category: Real Estate - Contracts - Equity
• State: Multi-State
• Control #: US-00036DR
• Format: Word; Rich Text

Description

The Equity Minimum Agreement in Illinois is a contractual form designed for two investors, referred to as Alpha and Beta, who want to co-invest in residential property. Key features include the definition of the purchase price, down payment contributions, and the financing terms, ensuring that both parties are clear about their financial roles. The form stipulates how the property is owned (as tenants in common) and outlines responsibilities regarding maintenance and utility payments. In terms of distribution of proceeds upon sale, the agreement provides a structured method to address creditors and shares arising from equity investments. It also addresses the implications of a party's death and specifies the importance of written modifications to the agreement. This form is useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it facilitates clear agreement and understanding between parties involved in property investments, minimizing disputes and ensuring compliance with Illinois laws.