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My partner and I did this in June. We wrote (with the help of a lawyer friend) a formal co-ownership contact & signed it (& had it notarized) so that our financial responsibilities are unambiguous & so that it's spelled out what happens to the house if we no longer want to live together.
The other thing to look out for us how you hold the title: tenants in common vs. joint tenants with right of survivorship. We chose the latter because it was important to us that if one of us died the other could stay in the house.
We also gave each other a springing durable power of attorney so that if one of us is incapacitated, the other has legal control over their half of the house.
Happy to talk more about this if you like - it was a bit of a journey for us to figure out!
B1 will DM you!
Community Builder
I think u can set up a Trust and both of you are the Trustees then let the Trust own the house.
Well I’m single tho.
Community Builder
See single people are useful.
I’m trying to do the same - I am trying to go with 50/50 on everything, each of us will earn the same equity.
If breakup happens it’s a lot less messy, we can either sell or the other person can buy the equity over.
Did you (or will you) do anything to formalize the agreement that you would each contribute 50% and own 50%?
It sounds great in theory but what happens when a partner falls behind. We had agreed on a 30/70% split. My partner quit his job and then 100% of payments fell on me and there is no recourse and equity stakes quickly became unclear. Suggest one owns and the other "rents" from the one that owns.