Home-buying for unmarried couples

Buying a house is such an exciting, complicated, and wonderful time! It’s easy to get confused about a boring but potentially very important detail, the title.

If you are an unmarried couple, it gets a bit tricky if you don’t anticipate now. We like to think positive, especially now, and easily title the buyer status as “Tenants in Common.” Both partners get an ownership stake. It seems fair since both contribute to the purchase and upkeep, care about our partner, and want to provide for them in the event something happens to one of us. This is especially popular with younger couples. There are, however, other options, perhaps the more suitable being “Joint with Right of Survivor” as the designation.

What is the difference? If one partner dies before naming a survivor as the beneficiary of the house, the survivor could be a co-owner with the late partner’s relatives. Often not the intended outcome.

Always review this with your attorney when purchasing, as state laws can vary, and you both may need a will to declare the path of ownership intended as well.

Call me today to talk about finding your first or dream house.