Legal Question in Family Law in Florida

How to Buy a House with Someone Who Is Not Your Spouse

How to Buy a House with Someone Who Is Not Your Spouse

Owning a home remains the American Dream.

And for many singles to achieve it, they are buying with another person who is not their spouse.

From a legal standpoint, this requires some extra legal preparation.

Frank conversation about mutual expectations, finances and debt and credit.

Reducing the terms of the arrangement to a written contract.

Some points to be covered:

1. Do the co-owners have identical interests, equal interests, or unequal interests?

2. What happens to the co-owner�s interest if that co-owner dies?

3. What happens if one co-owner wants to sell that co-owner�s interest?

4. What happens if the co-owners have a fight and cannot bear to occupy the house together anymore?

5. How are the co-owners� respective interests valued?

6. What if one co-owner�s debts result in a lien on the property?

7. How will the mortgage be paid?

8. How will mandatory expenses of the property be paid (real estate taxes, probably homeowner�s insurance)?

9. How will (semi)optional expenses of the property be paid (repairs, improvements)?

10. How will a co-owner�s share of expenses be paid in the event of that co-owner�s death?

11. Should each co-owner be required to maintain life insurance for the benfit of the other co-owner?

A little advance consideration and planning is crucial to a successful real estate joint venture outside marriage.