OF THE REAL PROPERTY LOCATED AT
[BUYER 1] and [BUYER 2] make the following agreement to purchase together the above real property located in the County of [COUNTY] , State of [STATE].
1. The agreed upon purchase price for the above described property is [WRITE OUT THE AMOUNT IN WORDS], ($ ).
2. They will hold title as (tenants in common / joint tenants) in the name [BUYERS] only.)
3. They will each contribute to the down payment as follows:
[EXPLANATION OF DOWN PAYMENT]
4. They will each contribute to the monthly payments of the mortgage and insurance as follows: [EXPLANATION OF MONTHLY PAYMENTS].
5. They will each contribute to the payment of property taxes as follows: [EXPLANATION OF PAYMENT OF PROPERTY TAXES].
6. Should either party decide to end the relationship and should both parties decide to keep the house the parties have chosen [NAME OF THIRD PARTY] to flip a coin for the right to buy the other parties share at fair market value, all payable in cash within ninety days of the accepted offer.
If the winning party can not pay cash in ninety days the losing party has the right to buy the house from the winning party for the same offered amount.
If neither party can afford to buy the house or they are simply not interested the house will be sold and the profits or liabilities split evenly between the parties.
7. If the parties can not arrive at a fair market value, said fair market will be determined by appraisal. A mutually agreed upon appraiser will be selected by the two parties or the two parties can each select and appraiser and the selected appraisers will pick an appraiser to do the appraisal.
8. On the death of one of the parties the surviving party has the right to purchase the deceased parties share from the estate of the deceased party at fair market value. Fair market to be determined as in paragraph 7.
9. If either party is unable to make his or her payments as they come due and the other party makes those payments, the parties have elected to treat the payments as follows:
( ) Each payment will be treated as a personal loan which must be repaid with interest at the rate of [INTEREST RATE] %. Each missed payment must be fully repaid within [MONTHS] months.
( ) Each payment will increase the paying parties percentage of ownership by ( ) .26 % ( ) .55% ( ) .85% .
10. It is the express intention of the makers of this contract that this contract shall be binding upon their heirs and their estates.
11. Any dispute arising out of this agreement shall be mediated by a third person mutually acceptable to both of the parties to this agreement. The mediation shall be in good faith. If the mediation shall fail to resolve the conflict the parties to the agreement agree to arbitration before a ( single / panel of three) retired judge(s). The result of the arbitration shall be binding upon the parties. The result shall be non appealable and shall be enforceable in any court which has jurisdiction over the controversy.
(Notarize and record )
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