Most homebuyers consist of married couples. However, every now and then, our real estate lawyers serve unrelated clients who are co-buying a home. We’ll explain the steps for people co-purchasing property and how to go about the process.
Co-buying refers to when two or more non-married people purchase a property together. This may be an engaged couple, business partners, or friends. This is actually fairly common in the Lynnwood area. More non-spouses are co-buying homes together in order to combat the sky-high cost of living.
Co-buyers run into many of the same issues as married couples when they buy a home. This is why our real estate planners highly advise drafting a co-owner agreement in writing. This includes all the household responsibilities that each partner will be responsible for. This also includes provisions regarding mortgage payment, utility bills, home insurance, property taxes, etc. This agreement should also include the percentage of payment each partner is responsible for.
An agreement can mitigate disputes and misunderstandings down the road.
Non-married co-owners generally have two choices when it comes to holding the title. Partners can be joint tenants or tenants in common.
This gives co-owners equal share of the home. Under this title, neither partner can sell his share of the property without the written consent of the other. If one co-owner dies, his share automatically goes to the other owner.
Tenants in Common
Multiple co-owners may own unequal shares of the property. Each co-owner may sell his share any time. Upon death, a co-owner’s share goes to a beneficiary or next of kin.
Contact Curtis and Casteel Law Group if you need assistance buying or selling property in Lynnwood. Our firm routinely assists home co-buyers the same way they assist spouses who are buying their first house.
Edited by Justin Vorhees
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