Purchasing residential real estate is an exciting step for all Tennessee couples. This is a major legal and financial decision, and it is critical to put careful thought into this decision before moving forward. This is especially true for unmarried couples. When a couple is not married but buying a home together, it is important that they know how to protect their rights before they move forward.
Important considerations before purchasing a home
Couples frequently choose to wait longer before they marry, or they may choose to simply live as partners. However, while they may not be married, they may cohabitate, and with home prices remaining high, it is often cheaper to buy a home with someone else than continue to rent. It can also be beneficial to have a partner when qualifying for financing.
Unmarried couples will benefit from taking certain steps to secure their interests when buying a home with another person. Without a legal obligation to each other, one party could leave the other with the financial responsibility for the home. This is why it is crucial to be careful how the home is titled as this outlines the rights and responsibilities of each spouse.
Navigating the home purchase process
It is helpful to have legal guidance when buying a home. By working with an experienced attorney, it is easier to avoid setbacks and unnecessary complications. An unmarried couple taking this step together will benefit from taking the necessary steps to protect their interests and ensure they are not exposed to unnecessary risks.
