Consider a co-ownership agreement before buying together

A reader named Rita is considering buying a starter home with her boyfriend. They are frustrated with the rental market and want to find a home that allows pets. With their good jobs and credit, they see this as a possible solution. Rita’s mom encouraged her to seek advice on whether this is a good idea. Real estate lawyer Gary Singer responded. He explained that buying property together can be beneficial, but it requires careful planning. He suggested drafting a written agreement that outlines each person's responsibilities. This agreement should also cover what happens if the couple breaks up, especially if one person is putting in a larger down payment than the other. Singer emphasized that having a co-ownership agreement can help avoid disagreements later. It should include details about costs, maintenance, and plans if one person cannot pay their share due to financial issues. He warned that if they struggle to agree on this document, it might indicate they are not ready to buy a home together. He mentioned that discussing these details in advance can lead to a more successful partnership. If conflicts arise, having a pre-made agreement can simplify the resolution process. A mediation requirement can also help avoid costly legal battles. Overall, Singer stressed the importance of communication and planning before making such a significant decision.