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November 21, 2013 10:09 am
Throughout the home buying process there can be various hurdles to jump over to make sure everything goes smoothly. In today’s culture, we are finding more often unmarried couples are purchasing their first homes together. Although this sounds like a great plan, there are precautions that need to be taken in order to make sure the process is done right. Doing your research beforehand can alleviate any headaches. From a financial sense it is more difficult to break the co-ownership of a house, than it is to get a divorce, if things turn sour. When making the decision to purchase a home with your significant other, you and partner must know that just like with marriage, a property agreement is a legal contract. One of the more important aspects of purchasing a home together is knowing how the investment will be split. In many cases, one partner may initially invest more money into the home than the other. This may cause issues in the future if things don’t work out due to the fact that legally one person may end up owning more of the house than the other.