Shacking Up is the unconventional way of the future for unmarried couples purchasing homes. However, there are a few things that should be considered before buying a home with your mate. We recommend that you seek legal counsel regarding the legal procedures and ramifications for unmarried couples holding real property in the state where the home is located. We Unmarried couples should think about the effects of a break-up on home- ownership and think about entering into a written co-ownership agreement prior to purchasing a home. In the event of an untimely break-up or any other curve ball that life may throw at you perhaps you should consider the following:
How will you hold title (exp. joint tenants or tenants in common)?
Who will own what (percentages of ownership)?
How will the cost be divided (exp. closing cost, insurance, repairs and other housing cost)?
Who gets the home in the event of a break-up (exp. first right of refusal)?
What happens to the home if one of you dies?
What happens to the co-ownership agreement if the couple gets married?
These are just a few items that should be discussed before unmarried couples decide to purchase a home together. A written co-ownership is a good way to address the above questions and protect yourself going in and coming out. Remember, you can make your mouth say anything when everything is going good so get the “good” in writing.
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