Yes, an unmarried person can still buy a house with their significant other. Many couples who are not legally married choose to purchase property together. Buying a house as an unmarried couple is a common practice, and it is legally permissible in most places.
Here are a few things to consider when buying a house as an unmarried couple:
Legal Agreements: Since unmarried couples don't have the same legal protections as married couples, it's essential to create legal agreements to outline each person's rights and responsibilities. A cohabitation agreement or a property ownership agreement can address issues like property ownership, contributions, and what happens in case of a separation or if one partner wants to sell the property.
Mortgage and Title: Decide how you both will be listed on the mortgage and the property title. You can choose to be joint tenants or tenants in common. Joint tenants have an equal share in the property, and if one partner passes away, the other automatically inherits their share. Tenants in common can have unequal shares, and each person can leave their share to whomever they choose in their will.
Finances: Determine how you'll split the costs of the home, such as the down payment, mortgage payments, property taxes, and maintenance expenses. You may want to contribute equally or in proportion to your incomes.
Exit Strategy: Discuss what will happen to the property if the relationship ends. Having a clear plan in place can help prevent potential disputes in the future.
Estate Planning: Consider creating wills to ensure that your share of the property goes to your intended beneficiaries if something happens to you.
Consult Professionals: It's a good idea to seek legal advice and possibly financial advice to understand the implications of joint ownership and to ensure that all legal matters are properly addressed.
Remember, every legal jurisdiction may have different laws and regulations regarding property ownership, so it's essential to understand the specific rules in your area. Consulting with a real estate attorney can provide valuable guidance and help protect both partners' interests.