Are you thinking about buying a property with your partner?
Cohabiting is the next step in a long term relationship. We all know buying a property can both be a happy and stressful time for you and your partner. There are a few practical steps that you should take to ensure the move in together goes (and lasts!) as smoothly as possible. Purchasing a property requires a massive amount of personal and financial investment. It is essentially a business partnership wherein the parties invest either in equal shares or in varying proportions like all business investments.
It is important to have an understanding of what you want to happen in the event that you and your partner break up or one of you dies. Here at MW Keller & Son, we recommend that cohabiting partners enter into a Cohabitation Agreement. This Agreement will address issues such as dealing with the property on the breakdown of a relationship and how the shares will be split.
It will also address issues where both parties are not in agreement to sell the property and what happens in that instance. Lastly, we highly recommend drafting Wills to address the death of either one or both cohabitants.
We really do understand that it is not romantic to discuss matters such as these. We all feel our relationships will last the test of time. However, a Cohabitation Agreement has the potential to save you and your partner a lot of heartache and disagreement in the future.