Mortgage Pitfalls Unmarried Couples Should be Wary Of

If you are an unmarried couple and you choose to buy a home together, you are certainly entitled to do so. Just because you are unmarried that does not mean that you have no legal right to buy a house although, there are some legalities to owning a house that you may want to look into before you sign anything with your partner. Now, you may have your own reasons for staying unmarried, but you must know that buying a house is a lot like getting married anyway and that splitting a house that us under co-ownership as likely to be messier and costlier than any divorce. But you can avoid all that if you took certain precautions that will make things easier for you and your partner if ever things do not work out and you split up.

One thing you could do before you split us is make sure that you get a mortgage plan that you two can come to terms with in terms of payment. Do you pay 50/50? Of does the person with the higher salary pay more? If you agree to 50/50, than you have to come up with a type of mortgage contract that will reflect that or you may end up having arrangements that you do not like. There are some instances that a couple agreed to own a house 50/50 and the other partner bailed on the partner. This ended up in just one partner paying all the mortgage payments but legally, they both still own the house regardless if only one partner paid all of the mortgage payments. You might say that this is unfair but there was a way that it could have been avoided if only they signed a different sort of contract for their house. One thing you must do is that you must remember not to sign as co-tenant and instead sign as tenants in common instead; doing this could really make things easier for the both of you in you split up.

So, if you are an unmarried couple, make it all business when it comes to buying a house.