Clarify contributions
Record who provides the down payment and how mortgage payments, taxes and repairs will be shared.
Understand responsibility
Co-borrowers may be responsible for the entire debt under the loan agreement. A private agreement between owners does not necessarily change the lender’s rights.
Plan for change
Discuss a sale, job loss, relationship change or one owner wanting to leave. A legal agreement can help define the process.
Get independent advice
Ask a lawyer about title, liability and an ownership agreement, and an accountant about any tax implications.
Put the guide to work
Prepare your documentsGeneral educational information. Your lender, legal and tax requirements may differ.