Residence Sharing Agreement

Residence Sharing Agreement

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Residency Sharing Agreement

WHEREAS, ________________ and ___________, intend to reside together in the future;

and, WHEREAS, they desire to affix their respective rights and liabilities that may result from this joint residency;

and, WHEREAS, they have fully and completely disclosed to one another their current financial status including assets and liabilities;

and, WHEREAS, they each have had an opportunity to consult with separate counsel of their own choice or such other advisor as each independently wishes to consult;

they now agree:

Each party shall maintain separate banking accounts, and neither party shall have the right to the proceeds of or access to the same.

That each party waives any claim to palimony or other claim for support resulting from said joint residency.

That when they reside together, and by such action in no way are they to be considered as married by the common law or otherwise shall they occupy the status of being married.

That should they purchase assets in joint names, the same shall be considered as held in tenancy in common. Each party shall contribute from their own income and resources one-half of the upkeep, taxes, and other fees or charges on such property. In the event that one party fails to pay as agreed, and such the other party contribute in excess of one-half, the excess contribution
shall be chargeable to the proceeds if any upon resale of the property, and such excess contribution shall bear interest at the legal rate of interest then in effect.

The parties hereto waive any claim against the estate of the other party, save and except:

Any excess contribution to jointly acquired assets;

Any promissory notes executed by one party to the other;

Any judgment entered in the favor of one party against the other;

provided however, that should either party voluntarily and freely make a devise or other bequest to the other in their will, the recipient shall be entitled to the same.

Further this relationship was not premised upon or created by the promise of a devise or bequest from their estate.

Other than property purchased in the parties joint names each party waives any claim to assets acquired by the other party before, during or after this period of co-habitation.

Other than debts validly contracted for services or materials or otherwise related to joint property of the parties, if any, neither party shall have the right to obligate, act for, contract for or represent the other party.

The parties shall apportion the necessary and jointly agreed living expenses as follows:

_______________ shall contribute ___ per cent

_______________ shall contribute ___ per cent

Should either party be temporarily unable to contribute, the sums may be advanced. However, after advances totaling $ _____ the same will be considered to be gifts and any obligation to adjust accounts shall cease unless a promissory note is executed therefore.

This is the full agreement of the parties and there are no agreements other than those stated herein. This agreement shall only be modified by a writing executed by both parties hereto.

**** READ CAREFULLY AS THIS IS A LEGALLY BINDING AGREEMENT****
DATED: ____________________________

___________________________________________
First Party
Social Security Number:

___________________________________________
Second Party
Social Security Number:

___________________________________________
Third Party, if applicable
Social Security Number:

___________________________________________
Fourth Party, if applicable
Social Security Number:
Residency Sharing Agreement
Review List

This review list is provided to inform you about this document in question and assist you in its preparation. This Residency Sharing Agreement should be used in all roommate and shared residency situations. It is a well care document that stipulates who should do what; who owns what; who must pay for what; and so on and so on.

If younger people are involved, you are advised to get “nearest relative” information and, if you deem advisable, get back up payment guarantees from them, especially in college sharing situations. You can take a number of preventative measures to limit your liabilities in this day and age. Your landline phone, for example, can just have local unlimited service with no long distance provider. This can eliminate disputes about who called Paris!

Cell phones can handle long distance, or the party can use prepaid phone cards. Use technology to offload shared liabilities and you will benefit enormously. Another approach is to prepay a fund for general utilities so you don’t have to scramble at month end. And, finally, it is always the solvent party who gets leaned on to “come up” with the money on short notice. So, if you are that party, this agreement is for you.

Longer term shared relationships and residencies can benefit from the same document that can be amended over time. As with a Will, don’t put additional pressure on yourself by trying to make it “forever.” One year in this kind of relationship is sufficient. If the relationship continues, then you can extend it and the shared trust will only make it that much more effective.

1. Make multiple copies. Get the information on the nearest relatives, if possible. Give each party, including the nearest relatives, signed copies. If you have more than four parties to the Agreement, add them to it.