2007-06-07 09:46:05 · 5 answers · asked by Louie003 1 in Business & Finance ➔ Renting & Real Estate
Many people who are not married own property together - I guess the question you truly need to answer is what happens if the partnership changes and both partners are living in the house?
Best to have all agreements in writing and make sure all splits are equitable from the beginning.
Another question to answer is would both partners be able to afford the full house payment if something were to happen to the other partner.
There are various methods of holding title to the house that have different procedures upon the death of one of the owners. Check into that too.
I own property with partners. Two properties with my significant other and one with two other partners. I don't live in any of the partnership properties but I do manage them.
One of the properties with my SO we hold as joint tenants (50/50 ownership), meaning if one of us dies, the other gets their share. The other property we own is split into % and held as tenants in common. This mean our heirs receive our share of the property upon death.
Talk to a knowledgeable real estate or trust attorney or a title officer who can give you more specific information on ways to hold ownership of real estate. Old Republic Title has publications on their website at https://www.ortconline.com/web/resources/flyers/default.aspx?sid=&
Hopefully this helps.
2007-06-07 10:26:05 · answer #1 · answered by KConsults 3 · 0⤊ 0⤋
It's fine, but you should probably map out a contract of how to handle things when the time comes to dispose of the property.
Are you dating? Friends? Marriage in the future?
A couple things I'd be thinking about: Who puts the downpayment down? Who makes the payments? Will they be split equally? What if one of you dies? Who gets their equity?
What if you break up, and one person wants to retain the home? You'll need to refinance, most likely, and pay the other person out. Having a contract in place, before closing, confirming that this is the procedure that must be followed, will help make sure that if something does go wrong, you're not left on the hook or have to take the other party to court to get a judge to force you to sell.
That kind of stuff happens all the time. Much could be prevented by putting as much of it on paper as possible first, then consulting an attorney to draft and formalize the agreement. Might cost you $500, but it's money well spent.
2007-06-07 10:31:38 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
There is no reason to not purchase a house together. The same concept applies as when you are married and possibly facing a divorce. If your relationship falters, one moves out and stops paying, the remaining person is stuck with the house and mortgage.
2007-06-07 09:49:58 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
Yes, as long as both partners are on the deed of trust.
2007-06-10 16:54:26 · answer #4 · answered by Terry S 5 · 0⤊ 0⤋
Why not?
Keep it legal and get it all in writing.
2007-06-07 09:50:20 · answer #5 · answered by Betty-Bob Budreau 5 · 0⤊ 0⤋