Are you a boyfriend/girlfriend, fiance/fiancee, or in a similar relationship with a significant other and First Time Home Buyers?
You have a rental lease ready to expire in December of 2007 and you decide that it's time to buy a place of your own. You're through paying someone else's mortgage and you want the tax benefit of owning your own home. I mean heck, you both have a wealthy combined income.
However, and this is not to be negative, as an unmarried couple there are a lot of financial and legal issues to be considered should the relationship end.
Unfortunately, there do exist instances where love is blind. As a non-married home buyer, it would be apt to take measures towards financial and long-term asset protection. The last thing you want is dissolution of the relationship without the same State protections awarded to you from a marital divorce.
Getting Prepared:
- Put things in writing.
- Sign a property agreement.
- Sign a cohabitation agreement.
- Buy life insurance.
- Whose name is on the deed?
Barbara Corcoran shares here insights into this issue in an excellent interview on the Today Show.
WATCH VIDEO - Barbara Corcoran on the Today Show
Disclaimer: This post is not meant to be blatantly negative. Rather, it is a reminder for those "Life Happens" moments, that Proper Planning is the best strategy.
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Perfect explanation and alert to unmarried first time homebuyers. Thanks for your post.
Ricardo, Great advice! I hope lots of people look at this and see an attorney before buying!
Kay: thanks for stopping by. Hope you enjoyed the video.
Roberta: thanks for stopping by. I had a local client of mine who bought a duplex with a friend of hers. She took my advice to seek an attorney in order to fill out certain paperwork and lay everything out on paper from ownership shares to exit strategies. She's since secured an excellent investment for herself and should they decide to part ways later, dissolution is clearly defined on paper. No hassles!
Excellent advice Ricardo!
Very good food for thought... I sold a condo to some kids who were engaged at the time... of course now the wedding is off, and everything has to be sorted out! For their sake, I hope it doesn't get ugly.
Ricardo,
Good video - Contrary to the real estate agent I have never seen a woman not argue to get on the deed. It's hard "I havn't been able to do it" to get a couple "not married" to consider going to an attorney to clearly define their roles and who gets what with the home their buying together.
Mike Lewis
leave your emotions at the door so u dont loose ALL your money. especially when your other has 4 da!@@!! kids! they will take your lungs!
patti