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A lot of people nowadays are more materialistic than they should be. Even in intimate or business relationships, they want to feel safe about their material properties. With written property agreements, this document will help them secure their properties and equipment even after things go sour between them and the other party. Are you planning on writing one for a client? Save yourself some slack by using any of our Property Agreement Templates. These easily editable templates are guaranteed to help you make a well-written agreement in minutes. Don’t settle for less, subscribe to our agreement templates today!
A property agreement is a legal document that states the ownership of a property or equipment during a couple’s relationship. This document emphasizes the owner's properties and how it will be divided if the couple separates or files for divorce.
There are cases wherein married or unmarried couples share property ownership, but with a catch. Terms are laid out in a simple agreement, which ensures that if they separate, the properties are distributed accordingly. If you’re planning to write one, guidelines are listed below to help you out.
Before getting into the properties itself, let your clients discuss the terms and conditions. Ideally, this should take place before other matters are negotiated. Also, facilitate the discussion to ensure there is no bias in the terms and conditions.
According to the common law, you can’t divide individual properties that you own but rather equally divide the assets that you share. But in community properties, things are different because these assets are bought in the span of the relationship.
Before writing the agreement, the debts of both parties should be settled. In common law, debts are considered conjugal if both parties benefited from it. Any debt that was made before the relationship, the debtor must take sole responsibility for the payment.
Let your clients talk again to check for discrepancies between their claims. Inconsistencies are common, but talking can sort things out. Allow them to talk until they resolve all discrepancies. If one of them decides to sell any shared property, make a sales agreement for it.
Lastly, present the legal agreement to your clients for reviewing. This serves to verify if all written content corresponds to the details presented. Afterward, sign the document and let your clients affix their signatures as well.
Written agreements are important since they keep both parties on the same page while preventing misunderstandings and issues between them.
In legal terms, properties can be distinguished into different types, namely:
A contract is more specific than an agreement. The former is legally binding and its terms are enforced by law. The latter, on the other hand, is any document that states an understanding between two parties.