If you are in a committed relationship but are not planning on getting married anytime soon, you could still purchase a house together if that’s what you wish. However, plenty of couples in love don’t exactly realize that buying a home comes with its own risks, especially if you’re not married.
With some planning, however, you could reduce your chances of overcoming these risks.
Consider Getting a Prenuptial Agreement for the Home
No couple in love really wants to discuss breaking up. However, if you’re planning to become co-homeowners, this discussion is a must. Consider having a co-ownership drafted before you sign any documents on closing day. Get help from a reliable mortgage lender in Salt Lake City such as altiusmortgage.com.
Your agreement must include essential questions such as: What would happen to the house if your break up? What happens if one of you dies or become disabled? Who’s responsible for paying major repairs or utility bills?
Decide on the Proper Title
Choosing the right title is particularly crucial for unmarried couples, and while options differ from one state to another, they include the following:
- Sole Ownership – With this title type, the deed would only have one name, yours or your partner’s. The person whose name is on the deed gets all the responsibilities and rights of property ownership.
- Tenants in Common – This allows for unequal home ownership, meaning that you could own 70% of the property and your partner could own 30% or vice versa.
- Joint Tenancy – Both of you own the property equally, 50-50. If one of you dies, the share of that person would automatically be transferred to the surviving co-owner.
Get Professional Help
You must consult an experienced lawyer to help make certain that you have all the proper agreements and protections in place. You must also consider touching base with your lawyer from time to time to ensure that the deed to your property would always reflect your current circumstances.
You might decide to get married and have a child, or you might be content with your unmarried status, or even break up. If you fail to handle these situations properly, you might end up sharing the proceeds (if you decide to sell the home) of the sale.
Keep in mind that purchasing a home outside of marriage could come with significant risks and that sadly, not all relationships are for life. And unless you consider everything and plan before you do anything, buying a house with your beloved, but unmarried partner could be an expensive mistake.
Whether you end getting married or not, having a proper plan in place for buying and maintaining your house could help make certain that you and your loved one have sufficient protection.