Sample Contract Unmarried Couple Buying House

If you and your partner are considering purchasing a home as an unmarried couple, it`s important to have a contract in place to protect both parties. While it may not be the most romantic aspect of buying a home together, a contract can provide peace of mind and clarity in case of any future disputes.

Here are some elements to consider including in your sample contract:

1. Ownership: It`s essential to clearly state how the property will be owned, whether it be jointly or as tenants in common. Joint ownership means you both have equal rights and responsibilities in the property, whereas tenants in common can specify different percentages of ownership.

2. Contributions: This section outlines how each partner will contribute financially, including the initial down payment, mortgage payments, and ongoing maintenance expenses. It`s important to outline what happens if one partner is unable to contribute financially, such as illness or job loss.

3. Equity and appreciation: If the property appreciates in value over time, it`s important to have a plan in place for how the equity will be divided if the couple chooses to sell the property. This may include equal distribution or a percentage based on contribution.

4. Living arrangements: If one partner decides to move out or sublet their portion of the property, it`s important to outline how this will be handled. This section should also address any potential disputes over the use of common areas or shared expenses.

5. Termination: While nobody wants to think about the end of a relationship, it`s important to have a plan in place in case the couple decides to separate. This section should outline how the property will be divided or sold, and any potential financial obligations.

While a sample contract can provide a good starting point, it`s important to consult with a lawyer to ensure all legal requirements are met and the contract accurately reflects your situation. By taking the time to create a comprehensive contract, you can protect both yourself and your partner in the event of any unforeseen circumstances.