Fill and Sign the Domestic Partnership Form

Domestic Partnership Agreement regarding Disposition of Real and Personal Property if Partnership is Dissolved Agreement made on the ___ day of _______________, 20___, between ________________________ (Name of Male Partner) of _______________________ _______________________________ (street address, city, county, state, zip code) , referred to herein as MP, and _______________________ (Name of Female Partner) , of ____________________________________________________________________ (street address, city, county, state, zip code) , referred to herein as FP. Whereas, MP and FP (sometimes referred to herein jointly as Co-Owners) are domestic partners and own real property as joint tenants with full rights of survivorship and not as tenants-in-common at ___________________________________________ ___________________________ (street address, city, county, state, zip code) ; and Whereas, said real property is hereinafter referred to as the Property and is described in Exhibit A attached hereto and made a part hereof; and Whereas, MP and FP want to provide for the disposition of the Property should they dissolve their domestic partnership or decide to sell the Property; and Whereas, MP and FP want to provide for the disposition of their personal property should they dissolve their domestic partnership; Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. While this Agreement is in effect, neither Co-Owner shall have the right to sell, assign, encumber or dispose of his/her interest in the Property without written permission of the other. 2. It is understood and agreed that FP paid (e.g., $60,000.00) ______________ and MP paid (e.g., $10,000.00) ______________ when said Property was purchased. 3. Upon any sale of Property resulting from a dissolution of the domestic partnership, or if both parties agree to sell the Property, FP will first receive (e.g., $60,000.00) ________________ of the net proceeds and MP (e.g., $10,000.00) _______________ of the net proceeds. Any remaining net proceeds shall be divided equally. 4. MP and FP agree that at this time the fair market value of the Property is $_________________. This value shall remain effective for the purposes herein until there is a re-determination of the value as provided in Paragraph 5. 5. Should the parties dissolve their domestic partnership, an appraisal of the Property shall be done and the value of the Property re-determined. The Property shall be appraised by an appraiser acceptable to both parties. Should the parties fail to agree on an appraiser within _____ days of their decision to dissolve the partnership, each party shall have the Property appraised by a qualified MAI appraiser and the value of the Property shall be the average of the fair market value as determined by each appraisal. Each appraisal shall be completed within _____ days of the decision of the parties to dissolve the partnership. 6.Should the parties dissolve their domestic partnership, said Property shall be put on the market within _____ days of said dissolution with ______________________ (name of realtor) acting as the real estate broker, and the sales price shall be at least the fair market value of the property as determined in Paragraph 5 above. 7. Personal Property A. All personal property owned by either of the parties at the time of this Agreement shall remain their respective separate property, except as otherwise provided in this Paragraph. B. Any personal property bought after the date of this Agreement by either party shall remain that party’s property upon any dissolution of this partnership. Any personal property bought with joint funds shall be appraised and the party keeping this property upon dissolution shall be paid 50% of the appraised value of the property by the other party within ____ days of any dissolution. C. Any gifts shall be owned and kept upon dissolution by the party who received the gift; provided, however, the engagement ring given to FP by MP will be returned to MP within ____ days of any dissolution. 8. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _____________. 9. Notices Unless provided herein to the contrary, any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when hand delivered to the other party. 10. Mandatory Arbitration Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. 11. Entire AgreementThis Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 12. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 13. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. 14. Counterparts This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (Printed Name of MP) (Printed Name of FP) ________________________ _________________________ (Signature of MP) (Signature of FP) Acknowledgments may vary by state. STATE OF ___________________ COUNTY OF The foregoing instrument was acknowledged before me this _______________ (date) by ____________________ (Printed Name of MP). ________________________ (Signature of Notary Public) _________________________ (Printed Name of Notary Public) My Commission Expires: ____________________ STATE OF ___________________ COUNTY OF The foregoing instrument was acknowledged before me this ______________ (date) by ___________________ (Printed Name of FP). ________________________ (Signature of Notary Public) ____________________________ (Printed Name of Notary Public) My Commission Expires: ____________________