According to TIME, there has been a shift in relationship dynamics in recent years, and now fewer people are getting married — or they are doing so later in life. If you and your partner are not married but want to purchase a home together, you are in good company; however, there are steps you both need to take to protect yourselves. The knowledgeable real estate attorneys at Bernardini Law PC in North Andover, MA, share a few of them below.

A Real Estate Attorney’s Guide to Getting a Place With Your Partner

1. Compare Your Credit Histories

Do you have hefty student loans from when you were pursuing your degree? Does your boyfriend or girlfriend have credit card debt that they have been chipping away at gradually? Even if you think you know the other’s situation well, you should exchange credit histories before going house hunting. This will ensure your financial relationship is transparent, which is essential when making such a large purchase together. It will also prevent unpleasant surprises during the loan application process. 

2. Open a Joint Account

If you do not already have a joint account, open one together, and start contributing to it regularly. Managing one and making periodic deposits will solidify your financial trust in each other. Additionally, once the sale is final, you can use those funds for all joint expenses, including the mortgage, property tax, maintenance, and insurance.

3. Devise a Realistic Budget

Determine what you can reasonably afford and how much each of you will contribute before house hunting begins. If you both have similar financial situations, you may decide to split all costs associated with home ownership down the middle. If one of you has a much higher income or far more assets than the other, a 50/50 split may not be ideal. In such a scenario, you might decide instead to contribute the same percentage of your respective paychecks to the property costs.

Real estate law is complicated, especially when individuals who are not married want to purchase a home together. If you’re ready to buy property with your boyfriend or girlfriend, turn to a real estate attorney at Bernardini Law PC for quality legal guidance during every stage of the process. Call (978) 794-5525 to schedule a consultation with a lawyer in North Andover, MA, today.