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.
A Mississippi Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence is a legal document that outlines how the proceeds from the sale of a shared property will be allocated between unmarried individuals who have been living together. This agreement provides a structured framework to ensure fairness and avoid potential disputes or conflicts that may arise during the division of assets. There are various types of Mississippi Agreements between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, including: 1. Basic Agreement: This type of agreement sets out the terms and conditions for the distribution of proceeds upon the sale of a jointly owned residence. It typically includes provisions for how the initial contributions to the property will be considered, responsibilities for mortgage payments, and the division of any appreciation or depreciation in value over time. 2. Equal Contributions Agreement: This agreement is suitable when both parties have contributed equal amounts towards the purchase of the property. It establishes that the proceeds from the sale will be divided equally, regardless of any other factors such as mortgage payments or maintenance costs. 3. Proportional Contributions Agreement: In cases where the initial contributions to the property are not equal, this agreement outlines how the proceeds will be distributed based on the proportional investment made by each party. This ensures that individuals receive a fair share based on their financial stake in the property. 4. Continuation Agreement: This agreement is designed for situations where one party wishes to continue living in the residence after the other party's share is bought out. It addresses the terms and conditions for the buy-out process and the valuation of the departing party's share. 5. Termination Agreement: This type of agreement is used to define the distribution of proceeds upon the sale of a residence when the relationship ends. It outlines the conditions that trigger the sale, such as the termination of the cohabitation or the agreement's expiration date. When drafting a Mississippi Agreement between Parties Living Together but Remaining Unmarried with Regard to Distribution of Proceeds upon Sale of Residence, individuals should consult a legal professional to ensure compliance with state laws, as well as to personalize the agreement to their specific circumstances. Agreements that are clear, comprehensive, and mutually agreed upon can provide certainty and protection for all parties involved in case of a future property sale.
