Are you and your partner in the market for a house? While the prospect of owning a shared home with your boyfriend, girlfriend, spouse, or partner can be an exciting one, disputes and litigation between these parties are common. In the most typical scenario, a break up is usually the trigger for the dispute, which sees both parties going to court over who owns the property and/or what should be done with it.
That said, sharing property ownership is not always a bad idea, provided that you take a few steps to protect yourself and have a contingency plan in place. For this post, we’re offering a few tips to know when planning to buy a shared home with a partner.
Determine who Should be on the Title
We’ve seen it time after time: one person has the good credit, so his/her name goes on the title despite the fact that both parties have paid equally into the property. If things go south down the road, the person whose name is on the title might try to push the other person out and perhaps even get them legally evicted. The best way to prevent this is to simply make sure that both names are on the title from the get-go, especially if both of you carry equal interest in the property.
Establish a Co-Tenant Agreement
Even in cases where only one person is on the title of the property, there are other ways to avoid future problems. We recommend entering into a co-tenant agreement where you can both establish terms to be followed in the case of a break up, whether either party can push for selling the property, and other legal mechanisms to account for a variety of potential complications.
Consult with a Qualified Real Estate Law Attorney
Real estate law cases are delicate legal matters that involve large investments. When the stakes are this high, the best option is to consult with a skilled real estate attorney, someone who is experienced in dealing with disputes involving real property.
Remember, you can always reach out to us at DiJulio Law Group. Our team of seasoned real estate attorneys are equipped to handle any type of legal matter involving property titles, co-tenant agreements, litigation and disputes, and more. Call us at (818) 502-1700 at your earliest convenience to schedule a free initial consultation.