Shared Equity Agreements For First-time Buyers In Oakland
Category:
State:
Multi-State
County:
Oakland
Control #:
US-00036DR
Format:
Word;
Rich Text
Instant download
Description
The Equity Share Agreement is designed for first-time buyers in Oakland engaged in shared equity arrangements. This document facilitates the purchase of a residential property where two parties, referred to as Alpha and Beta, invest together. Key features include the distribution of financial responsibilities such as down payments, mortgage repayment, and maintenance costs associated with the property, alongside stipulations for profit distribution upon sale. Filling and editing instructions specify that parties must clearly outline their investment contributions and responsibilities, as well as terms regarding property occupancy and title ownership. The agreement also includes provisions for the death of a party, mandatory arbitration for disputes, and the requirement for any modifications to be in writing. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this form to ensure legal compliance and facilitate equitable arrangements in property investment for novice buyers.
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FAQ
Applications for California's down payment assistance program for first-time homebuyers are now open.
Eligibility. One borrower must be a first-generation homebuyer. All borrowers must be first-time homebuyers. Income must meet CalHFA Income Limits for the county you are purchasing in.
Happy homebuyers. Getty Images. Some first-time homebuyers in California are about to get some much needed help from the state. This year's version of a state-funded program called Dream for All is offering up to $150,000 per buyer to help with expenses associated with buying a home.
