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Buying a home when you’re not married might be challenging. Suppose you've finally discovered the person you want to be with but aren't ready to marry, yet you want to buy a house together now. In that case, that's perfectly OK, which is something we highly commend.

However, you should be aware of your rights if something goes wrong. Here's what we mean.

Buying a Home when not Married: The Pros and Cons

For example, if you're married and your spouse decides to divorce or split, there are regulations to provide you equal shares of the house regardless of the outcome.

On the other hand, things might become legally tricky if you are not married and desire to be on the same mortgage and have your name on the same deed. So while buying a home when unmarried might be more difficult in some ways, it could still work out better for you in the long run if things don't go as planned.

Here are three things you need to think about before buying a home when you're not married:

1. Who will hold the deed?

2. How will the mortgage be paid?

3. What happens if we break up?

Let's discuss these and talk about them in more detail.

Who Will Hold the Deed?

If you're buying a house with someone you're not married to, it's crucial to decide who will hold the deed. The deed is the official legal paper that proves ownership of the property. If you're buying the house together, you'll need to decide if both of your names will go on the deed or just one. If only one goes on the deed, that person will be the sole owner of the property.

Two names on one deed could be a good idea if you're buying the house with someone you're not married to but plan on living together for a long time. However, if something happens and only one person's name is on the deed, the other person will have no legal claim to the property.

So if you're buying a house with someone you're not married to, make sure you decide who will hold the deed before purchasing the property.

How Will the Mortgage Be Paid?

Another thing you need to consider when purchasing a house with someone you're not married to is: who will pay the mortgage? If only one name goes on the mortgage, that person will be responsible for making all the payments.

Hence, the other person will have no legal obligation to make any payments if anything happens. You don't want that extra pain from making the payments on top of the pain of a breakup. So, decide carefully how or who will pay the mortgage before purchasing the home.

What Happens if We Break Up?

As much as we don't want this happening in your love life, we have to talk about this. Suppose everything didn't work out, and you decide to break up. If you're both on the deed and the mortgage, you'll still be legally responsible for the property even if you break up.

It means you'll need to continue making payments on the mortgage and taking care of the property even if you're not together anymore. The worst-case scenario is that you're stuck living with your ex, and nobody wants to do it.

If you can't both agree on who should keep the house, you may have to sell it and split the proceeds.

The Bottom Line

Hence, before you go out and purchase a house with your significant other if you aren't married, consult with a lawyer about the potential ramifications of whatever happens between you two.

Buying a home when you're not married can be complicated, but it's not impossible. Make sure you check all your course of action and choose the best one for you. And we at Loft Realty can help you process that decision, so feel free to talk to us today!