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Stretch your combined budget too far, and any unexpected expense will likely have one of you coming up short when the monthly payments are due.
Put Your Agreement in Writing Contact a real estate lawyer to prepare a written document, such as a property, partnership, or cohabitation agreement, that clearly outlines the full details of your arrangement, including what percentage of the home's equity each partner is entitled to, especially if you contributed different sums to the down payment or mortgage balance, and what will happen to the property if you split up."The contract should specify whose name will be on the deed or lease, one or both, who will pay for what—I pay the utility bill, you pay the cable bill—etc.," says Reardon.
When you hold title as joint tenants with right of survivorship, you are considered equal owners, and if one of you were to die, the other would automatically inherit the other's stake and own the entire property.
Each of you can set up automatic monthly deposits into the account from individual bank accounts; this way neither party can forget.
For this reason, financial planner Alan Moore, co-founder of the XY Planning Network, recommends choosing a home with a mortgage you can swing on one income.
That can also be a huge help down the road in the event of unexpected illness or injury, since you'll still be able to afford the monthly payments.
Since 2001, the number of cohabiting couples in Britain has risen dramatically from 2.1 million to 2.9 million — and around 80 per cent of us cohabit before tying the knot.
Plus, the agreed wisdom is that it makes sense to ‘test’ the strength of your relationship by living together and seeing if you can stand your beloved’s morning breath, dirty washing and annoying habits."It would be productive to note what happens if one party can’t pay. Will one party take over the payments for the other, if they are able to, then create a note receivable from the partner who can’t pay to the partner who can? It’s great to iron out these details in advance because it removes any doubt or emotions in the event things turn out badly."Title It Right You and your partner must decide how you will own the home or take title.