Considering buying a home with a friend or partner?
While it may not be your first thought, the answer is “yes.” Property can be purchased by a variety of different buyers—an individual, a business entity, a married couple, and even friends or partners who are not married.
When non-married people purchase real property together — from a title perspective — the big question you have to plan for is “what happens if one of the owner’s dies?” Do the co-owners want their heirs to inherit the property? Do the co-owners want to ensure that the surviving owner inherits the property? When purchasing with a friend or partner, co-owners should have this discussion before settlement and let the title company handling the transaction know how they would like to hold title to the property so that in the event one of you passes your wishes for the property are carried out.
To that end, there are several ways of holding title.
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