One of the largest purchases a couple can make together is a home. If you and your partner are planning to purchase a home together or at least contribute to the costs of homeownership, it is wise to draw up an agreement detailing, among other things, how to handle the home in the event the relationship ends.
Among the things you may want to detail in your agreement are the following:
- Will the title be in both of your names?
- Will the mortgage be in both of your names?
- How will you split the down payment?
- How will you cover the mortgage payments, property taxes, insurance and maintenance costs?
- How are proceeds handled if you sell the home together?
- If you sell the home after you split, will you each be considered to have an equal share in the home (whether you sell, one of you buys out the other or one of you gives up something in return for the home)?
A home — particularly in Florida — is probably the single largest asset anyone can own. If you are both putting a good share of savings and/or income into it, it is crucial to protect your rights, no matter what the future may bring.
Although a real estate agent can provide some guidance, it is important for both of you to have separate legal guidance to protect your rights and your financial investment. You may want to consider having the real estate documents drafted to better reflect your situation instead of using traditional boiler-plate, fill-in-the-blank contracts.
