Blog Buyer Mortgages Don’t Disappear When Love Does

Mortgages Don’t Disappear When Love Does

By Living Room Realty, September 24, 2019

Plenty of laws help protect married couples when they split up and divide their property. But no such legal sympathy exists for folks that are unmarried and do the same.  Many of us buy homes together without rings on our fingers.

Purchasing a house means coming in with a down payment, paying closing costs and other so many other financial responsibilities. Many couples often think they can do it 50-50 from the start.  But after being a REALTOR® for so many years I often see the tables skewed right from the get-go.  I have worked with couples that have recently met, felt committed to one another (they’d already adopted a cat), but were tired of driving to one another’s homes every couple of days for companionship (I get it – trust me).  Often, one of these couples stumbles upon an open house, not intending to go to an open house, but because it was right around the corner from their coffee shop, so they had to sort of walk by it.  The sign out front had an arrow which commanded them to “check it out” so they had to go in.  Upon entering that house they catch the bug.  The bug elicits deep emotions that BUYING a house together needs to happen very quickly.  Like right now — because it itches.  ‘Did I know that the stagers carpet in the house is the color they have dreamed about?  That the swan on the fireplace mantle happens to be their spirit animal.  Oh, and wait….and that there was a blue lamp that really worked with the tile in the kitchen and until that day, they didn’t even know they both liked the color blue?  It’s a SIGN  — they say!  We are ready to buy together.’

So we start house hunting.

Often the following of scenario unfolds: One person in the relationship has saved a bigger deposit then the other.   But the other partner, makes a higher salary making it easier to pay the monthly mortgage payments. One of them is “handy” and believes they can take on physical repairs the house needs while adding monetary value but doesn’t have great credit for the loan.  Usually, there has been NO TALKING between the two love birds about the “what-ifs” and “what-we’d-do-thens,” if the relationship dissolves.  I get a tad  worried for folks if contributions aren’t divided equally from the start.  Mostly, because of the phone call I get years later after the relationship has gone side-ways, where one thinks that have contributed much more then the other.  One wants to house but the other thinks they are more deserving of it. (yikes).

So before you jump into the water and purchase, have a really deep conversation with your partner about the financials.  And if buddy tells you over a couple beers that maybe you need to get something in writing from a lawyer before you invest in property together, a contract, sort of like a prenup, about who-gets-what if you break up —  LISTEN TO YOUR BUDDY.  Its best to ALWAYS seek the advice of an attorney and get something in writing.  So both of you are protected.

 

Living Room Realty

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