Shared Equity Rules In Miami-Dade
Category:
State:
Multi-State
County:
Miami-Dade
Control #:
US-00036DR
Format:
Word;
Rich Text
Instant download
Description
The Equity Share Agreement outlines the shared equity rules in Miami-Dade and establishes a legal framework for two investors—Alpha and Beta—to jointly purchase a residential property. It includes key features such as the purchase price, down payments, the parties’ respective rights and responsibilities, as well as the distribution of proceeds upon sale. Attorneys and paralegals can utilize this form to help clients navigate the complexities of real estate investments and shared ownership arrangements. The agreement supports legal compliance by detailing the process for managing financial contributions, occupancy rights, and the fate of the property in the event of a party's death. Additionally, it provides clear directions for filling out the document, with sections requiring specific information about the investors and property involved. Legal assistants may also find it useful for organizing financial aspects and ensuring all necessary provisions are included for equitable transaction management. With this agreement, users can ensure shared ownership is structured fairly and legally, catering to both parties' interests while adhering to local real estate regulations.
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FAQ
The program is only available to residents purchasing a home in the state of Florida. All borrower(s) must be employed full-time by a Florida-based employer or corporation and work full-time. Other than military veterans, all buyers must work 35 hours or more per week to qualify.
Miami-Dade Economic Advocacy Trust created its Homeownership Assistance Program (HAP) to increase the number of home purchases for low-to-moderate-income residents in Miami-Dade County. Since 1995, the program has funded more than 7,900 families.
