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Nonmarital or Cohabitation Agreement between Parties Living Together with Joint Purchase of Real Estate
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Nonmarital or Cohabitation Agreement between Parties Living Together with Joint Purchase of Real Estate Powered By Docstoc
					               Nonmarital or Cohabitation Agreement between Parties
                 Living Together with Joint Purchase of Real Estate

This Cohabitation Agreement is made on (date), between (Name of Male), an adult,
of (street address, city, state, zip code), and (Name of Female) of (street address, city,
state, zip code);

Whereas, the parties to this Agreement have been living together since (date) at (street
address, city, state, zip code), and it is their intent to continue such living arrangement;
and

Whereas, the parties intend to purchase a home in which to continue their living
arrangement and to define their respective rights with respect to the home;

Now, therefore, for and in consideration of the matters described above, and of the
mutual benefits and obligations set forth in this Agreement, the parties agree as follows:

1.     Description. The property to be purchased by the parties is situated at (street
address, city, state, zip code), and is more particularly described in Exhibit A attached
hereto and made a part hereof.

2.    Purchase Price. The purchase price of the above-described property is
$__________. The down payment is $__________, and each party shall contribute
$__________ for the down payment. The monthly mortgage payment is $_________,
and each party shall contribute 50% of that amount.

3.     Closing Costs. The estimated closing costs are $__________, and each party
shall contribute $__________ toward those closing costs.

4.     Costs of Maintenance. Each party shall also pay 50% of all costs in connection
with the maintenance of the house, such as, but not limited to, property taxes,
insurance, repair, improvements, telephone, heat, electricity, water, garbage disposal,
and other utilities.

5.     Joint Account. The parties shall open a joint checking account with (Name of
Bank) of (street address, city, state, zip code), from which the payment of the mortgage
and maintenance costs shall be drawn. (Name of Male) shall deposit $__________ into
the account monthly and (Name of Female) shall deposit $__________ into the account
monthly.

6.     Title to Property. Title to the above-described property shall be in the name
of (Name of Male) and (Name of Female), as (tenants in common or joint tenants with
right of survivorship).

7.    Disposition of Property on Separation.
      A.     If either or both of the parties decide to separate and if either party desires
      to become the sole owner of the above-described property, the party who wishes
      to become the sole owner of the property shall purchase the other party's interest
      for an amount equal to such other party's equity interest in the property. The
      equity of each party shall be determined by deducting from the fair market value
      of the property all outstanding mortgages, encumbrances, and other obligations.
      The equity interest of each party shall be the proportion of that party's
      contribution to the purchase price and closing costs of the property. The fair
      market value shall be determined by an appraisal conducted by two independent
      real estate appraisers, one of which shall be selected by each party, and whose
      fees shall be borne by the party selecting the appraiser. The fair market value
      shall be the average of the two appraisals.

      B.      The equity of the selling party shall be paid by the purchasing party
      within (number) days from the date the fair market value is determined. If the
      purchasing party is unable, after reasonable efforts, to obtain a loan secured by a
      mortgage on the property, the selling party shall give the purchasing party a
      mortgage for the unpaid balance, to be payable in (number) monthly installments,
      with interest at ____% per annum.

      C.     If neither of the parties desires to become the sole owner of the property,
      then the parties shall sell the property for such price as shall be agreed on, and
      the proceeds shall be divided in pro
				
DOCUMENT INFO
Description: A nonmarital cohabitation agreement defines the relationship between two persons who desire to live together without any present contemplation of marriage, with regard to such matters as pooling earnings, the respective rights and obligations of the parties in property acquired during the nonmarital relationship, and sometimes, the support by one of the cohabitants of the other or the children of the parties.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),