2007-09-30 14:12:49 · 12 answers · asked by Giggles 1 in Business & Finance ➔ Renting & Real Estate
No, it isn't, and let me tell you what I see in my career as a Realtor and on Yahoo Answers...alot.
You have a couple that moves in together, buys a house, they are both on title and the mortgage...then they break up and one of two things happens.
1) Both of them want the house...and if that happens, both of them have to sue the other in court to get the judge to make a decision.
2) Neither one of them wants the house so ONE usually will move out on the other...leaving the "resident" stuck with paying the ENTIRE mortgage unless they want to ruin their credit...and guess what? They CAN'T SELL IT or refinance it without the signature of the other owner...so what happens if you can't agree on selling price???
On situation #2...it gets worse...a judge CANNOT order one unmarried person to pay the bills of another or contribute to a joint debt...but they CAN if you are legally married...that is the legal protection you get if married that you don't get if you are just living together.
It's just a bad idea. Just remember that no one ever buys a house together thinking they are ever going to break up.
2007-09-30 14:28:11 · answer #1 · answered by Expert8675309 7 · 0⤊ 0⤋
Listen, the real answer to your question may just be the fact that you had to ask it. "Marriage" is nothing more than a legal contract. Not to belittle marriage, it is still an very important part of our society's survival. I guess another question that you need to ask yourself is Why aren't we married yet???? There could be a very legitimate answer to this question...maybe you don't have the money for the ceremony you want.......or many other reasons....Ask, this to yourself........If we bought this house together now and then decided to split 6 months from now, what would happen? Is there a possibility that this other party would try somehow to use this house against you in some way, emotionally, financially etc....If you have to think about that answer for more than a min. I would say BAD IDEA!! If on the other hand you say to yourself, you know what, if by chance we did break up, there is no way that we would hold grudges against each other or try to hurt each other in any way...I would say worth thinking about.
2007-09-30 21:31:27 · answer #2 · answered by Justin F 1 · 0⤊ 0⤋
It can be perfectly acceptable if it is handled as a BUSINESS arrangement. People regularly invest with others. Make sure you have a pre-purchase agreement (written contract) that will cover all possibilities for keeping or selling the house if either of you wants to terminate the business arrangement.
2007-09-30 21:28:46 · answer #3 · answered by G_U_C 4 · 0⤊ 0⤋
No that is a stupid thing to do because if the couple decides to part ways and the home is in both names, who will take on the responsibility of the home. No, no, and again I say no.
2007-09-30 21:20:39 · answer #4 · answered by svengteach 4 · 0⤊ 0⤋
NOOOOOOOOOOOOOOOOOOOOOOOOOOO
A) you buy the other person out
B) or they buy you out
C) house gets sold and then money split 50/50
then is just the house in both names? What about
bills and credit which will all be based on worthiness
and the house. Then one of you fall behind and
get bad credit and that comes out of the half of the
house where there could be liens placed on the house
2007-09-30 21:19:54 · answer #5 · answered by Anonymous · 0⤊ 0⤋
NO, NO, NO, NO!!!
There are laws governing the division of property when married people split up. Not so for unmarrieds.
2007-09-30 21:25:06 · answer #6 · answered by bdancer222 7 · 0⤊ 0⤋
No - it can get messy if you split up. And if you don't think that can happen, read other questions on this board from people who bought the house, then split, then are having a difficult time getting it sorted out.
2007-09-30 21:19:52 · answer #7 · answered by Judy 7 · 0⤊ 0⤋
hm... Realistically speaking, it really depends on your relationship. I don't see anything wrong with it as long as you make sure that everything is worked out legally so that if you break up neither of you get cheated out of large sums of money.
That's just my opinion, anyway, but I think it all depends on personal preferance and how strictly you believe in the institute of marraige.
2007-09-30 21:25:24 · answer #8 · answered by JayJustice 2 · 0⤊ 0⤋
About 5 % of the time .
If your relationship is perfect ,
Then get a marriage licencse before you buy .
>
2007-09-30 21:18:48 · answer #9 · answered by kate 7 · 0⤊ 0⤋
No, don't be a fool. If you do just plan on sleeping at your buddys house after you find your old lady with another dude.
2007-09-30 21:16:05 · answer #10 · answered by Stoner 5 · 1⤊ 0⤋