If you're planning to buy a house with someone else (particularly someone who is not a spouse or partner), you absolutely must put your co-ownership plans into writing. Otherwise, if a problem develops that you can't resolve on your own, a court might wind up making important decisions for you, or even ordering the property sold.
Also realize that the legal requirements for house co-ownership agreements vary by state (such as rules for taking title as tenants in common), so failing to learn about this could lead to problems and disputes later. Let's talk about:
Here are the main topics your house co-ownership agreement should cover:
These are major decisions, which you will want to think over and discuss in advance of committing them to paper. As friendly as things between you and your prospective co-owner are now, consider worst-case scenarios: everything from dealing with a co-owner's guest who won't leave to a natural disaster destroying the house to a sale when property values have dropped.
You'll probably want to prepare a separate (if less legally official) attachment to your co-ownership agreement regarding house rules, such as guest policies and cleaning responsibilities.
The Living Together section of Nolo discusses various forms of contracts for unmarried people who want to share ownership of property. Also, because your shared home represents a major economic investment, you should hire a lawyer to help you prepare an agreement that meets your needs.
Need a lawyer? Start here.