How do I go about buying a house with someone who is not my spouse?

My friend and I are both gainfully employed and have excellent credit.





We are considering purchasing a house together with the intent of selling it after 5 years or so.





Is this a bad idea?





How do we split up the equity into shares (is this even possible)?





What other considerations/documents/resources do we have to research before going through with this?How do I go about buying a house with someone who is not my spouse?
Absolutely NOT a bad idea. There are some great deals on the market right now. What you will need to do is obtain a document called a ';Marital Waiver';. Any real estate agent can provide it to you for free. Your spouse and you both sign it...it basically states that he/she agrees to have no stake in the property. Good Luck!How do I go about buying a house with someone who is not my spouse?
Suggest you and your friend have a partnership contract drawn up.


Include all problems that may arise and how to handle them


some problems are: No money for mortgage payment.


Repairs to house, Claiming the deductions. What happens when one wants out and the other doesn't You get the idea. Having all this in black and white will make ownership of a house much easier.
my peers are correct; if done 'safely'; it can be a great idea.





My further idea is to before you ';get''; there, agree on a mediator


who can be ready on a phone call and can arbitrate any disagreements


in the family. This can save you tons of hassles later!
I did the same thing...Your mortgage company will ask how you want it. We did tenents in common with survivorship. Then there is a box to check of whether if one of you passes away where does that half go...ours is set up to give to the other half, not to the deceased family. Pretty simple, good luck