Are you a boyfriend/girlfriend, fiance/fiancee, or in a similar relationship with a significant other and First Time Home Buyers?
You have a rental lease ready to expire in December of 2007 and you decide that it's time to buy a place of your own. You're through paying someone else's mortgage and you want the tax benefit of owning your own home. I mean heck, you both have a wealthy combined income.
However, and this is not to be negative, as an unmarried couple there are a lot of financial and legal issues to be considered should the relationship end.
Unfortunately, there do exist instances where love is blind. As a non-married home buyer, it would be apt to take measures towards financial and long-term asset protection. The last thing you want is dissolution of the relationship without the same State protections awarded to you from a marital divorce.
- Put things in writing.
- Sign a property agreement.
- Sign a cohabitation agreement.
- Buy life insurance.
- Whose name is on the deed?
Barbara Corcoran shares here insights into this issue in an excellent interview on the Today Show.
WATCH VIDEO - Barbara Corcoran on the Today Show
Disclaimer: This post is not meant to be blatantly negative. Rather, it is a reminder for those "Life Happens" moments, that Proper Planning is the best strategy.