Buying a home together is one of the biggest financial commitments you'll make as a couple. Whether you're married, common-law, or in another partnership arrangement, understanding the legal and financial implications protects both of you. Here's everything you need to consider.
Ownership Structures: Critical Decision
How you hold title has significant legal implications:
Joint Tenancy
Features:
- Equal ownership (50/50 regardless of contribution)
- Right of survivorship (automatically passes to survivor on death)
- Cannot will your share to someone else
Best for:
- Married couples
- Partners who want automatic succession
- Equal financial contributors
Tenants in Common
Features:
- Ownership can be unequal (e.g., 60/40, 70/30)
- Each share passes through estate (not automatically to partner)
- Can specify different percentages
Best for:
- Unequal contributions (one partner contributing more)
- Blended families with children from previous relationships
- Investment partners
- Those who want estate planning flexibility
Financial Qualification: How It Works Together
Combined Income Benefits
| Scenario | Single Income | Combined Income | ---------- | -------------- | ---------------- | Income | $80,000 | $150,000 | Approx. mortgage | $350,000 | $625,000 | With 20% down | $437,500 home | $781,250 home | Both credit scores matter: Lenders consider the lower score for rate purposes, and both scores for approval.
Down Payment Contributions
Protect Your PartnershipGet pre-approved together and we'll guide you through the process of buying as a couple. Legal Protections: Know Your RightsMarried CouplesDefault protections under family law:
Consider a marriage contract if:
Common-Law PartnersFewer default protections:
Cohabitation agreement strongly recommended:
What Your Agreement Should CoverEssential Elements
- Down payment amounts from each
- Who pays mortgage, taxes, insurance Protect Your PartnershipGet pre-approved together and we'll guide you through the process. Get Started
- How to determine property value
- Life insurance requirements Mortgage Responsibility: The Critical PointKey understanding: Both parties are 100% responsible for the entire mortgage. This means:
Scenarios to Consider |
Situation | Implications |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Partner stops paying | You're responsible for full payment | ||||||||||||||||
| Separation | Mortgage continues until refinanced or sold | ||||||||||||||||
| Partner's credit drops | May affect renewal options | ||||||||||||||||
| Partner's job loss | You may need to cover temporarily |
What If Things Change?
Separation Options
Option 1: Sell the property
- Split proceeds per agreement/law
- Cleanest break
- Market timing considerations
Option 2: One partner buys out the other
- Refinance required
- Buying partner must qualify solo
- Fair market valuation needed
Option 3: Continue co-ownership temporarily
- Rare and usually problematic
- Need very clear terms
- Defined exit timeline
Learn more in our divorce and mortgage guide.
FAQ
Q: Can one person be on the mortgage but both on title?
A: Yes, but the title holder not on the mortgage is still considered to have an interest and may be required to sign mortgage documents.
Q: What if we contribute unequally to the down payment?
A: Document contributions clearly. Consider tenants in common with proportionate shares, or a cohabitation agreement specifying equity split.
Q: Do we need separate lawyers?
A: For a cohabitation or marriage agreement, yes—each party should have independent legal advice. For the purchase itself, one lawyer can represent both buyers.
Q: What happens if my partner has bad credit?
A: Their credit affects your joint application. Options include: improving credit before buying, one person buying alone, or using a co-signer. We can advise on your specific situation.
Q: Should we buy together if we're not married?
A: Many couples do—just ensure you have a cohabitation agreement. The lack of automatic legal protections makes this documentation even more important.
What's Next
Buying together is exciting—and with proper planning, it's smooth and secure. Get pre-approved as a couple and our team will guide you through every step of the process.
Buy Together Confidently
Our team will guide you through buying as a couple, from pre-approval to closing.
