: Draft a legally binding contract with a real estate attorney. It should detail how you will manage joint ownership and provide a clear exit strategy for a breakup.
: You cannot file taxes jointly. Only the person(s) on the mortgage can typically claim the mortgage interest deduction, and you may need to itemize to split it. unmarried couples buying a house
How you hold the "title" determines legal ownership and what happens if one partner dies. : Draft a legally binding contract with a
Buying a home as an unmarried couple lacks the "default" legal safety net of marriage, but you can create your own protections through careful planning. Only the person(s) on the mortgage can typically
: Lenders typically use the lower of the two credit scores to set interest rates. If one partner has poor credit, it might be better for the other to apply alone.
: You can both be on the title (deed) even if only one person is on the mortgage. 4. Tax and Insurance Considerations
: Consider taking out life insurance policies naming each other as beneficiaries. This ensures the surviving partner can cover the mortgage or buy out the deceased partner's heirs if necessary.