North Dakota Equity Share Agreement

State:
Multi-State
Control #:
US-00036DR
Format:
Word; 
Rich Text
Instant download

Description

In equity sharing both parties benefit from the relationship. Equity sharing, also known as housing equity partnership (HEP), gives a person the opportunity to purchase a home even if he cannot afford a mortgage on the whole of the current value. Often the remaining share is held by the house builder, property owner or a housing association. Both parties receive tax benefits. Another advantage is the return on investment for the investor, while for the occupier a home becomes readily available even when funds are insufficient.


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.

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FAQ

Home equity sharing allows an investment company to buy a slice of your home for a lump sum payment plus a share of the future change in your home equity. These agreements work very much like a company selling stock to investors, ing to Thomas Sponholtz, CEO of home co-investing company Unison.

Home equity sharing agreements are generally best for people whose poor credit or temporary financial difficulties could make it difficult to qualify for a traditional loan. Here's how they work, the benefits and drawbacks, and who they are right for.

A home equity loan could be a good idea if you use the funds to make home improvements or consolidate debt with a lower interest rate. However, a home equity loan is a bad idea if it will overburden your finances or only serves to shift debt around.

Home equity sharing agreements are generally best for people whose poor credit or temporary financial difficulties could make it difficult to qualify for a traditional loan. Here's how they work, the benefits and drawbacks, and who they are right for.

Home equity loans use your home as collateral. If you can't keep up with payments, you could lose your home. Home equity loans should only be used to add to your home's value.

An example of a home equity-sharing agreement Let's say your home has an appraised value of $250,000, and you enter into a contract with one of the home equity agreement companies on the market. They agree to provide a lump sum of $25,000 in exchange for 10% of your home's appreciation.

Now let's calculate the monthly payments on a 15-year fixed-rate home equity loan for $20,000 at 8.89%, which was the average rate for 15-year home equity loans as of October 16, 2023. Using the formula above, the monthly principal and interest payments for this loan option would be $201.55.

Con: You'll likely pay much more than you get This would require the borrower to be capable of making a $662 monthly payment, but the overall savings are significant. You also won't be able to borrow as much with a home equity sharing agreement as you could with a home equity loan or HELOC.

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North Dakota Equity Share Agreement