Co-Owning a Home
Purchasing a home is an exciting adventure and can be a big financial and legal investment. This can be a big step if you are single but you can always share the responsibilities with someone else to ease the financial obligations of home ownership. 
Co-ownership is a great way to do this, but you want to make sure you are purchasing a home with the right person. Make sure this is a person that you can see yourself co-owning with. YOu do not want to depend on a co-owner who will miss mortgage payments.
When you are choosing a co-owner, ask about their credit score, this can have an impact on getting a home loan. Also, discuss any debt they owe because you want to have a good debt-to-income ratio. Make sure your partner has savings to help cover upfront costs.
Before taking this step, make sure you look at the advantages and disadvantages of co-owning a home. Some advantages include pooled resources, more money for a down payment and companionship. Some disadvantages are financial risk and unequal responsibilities.
When you do decide to buy a home with someone else, you will want to choose the best type of homeownership for your situation. Tenants in common means that each buyer will have an equal share of the same property. As the buyers, you can determine what each share is. For example, you can split the shares 50/50 or unequal shares like 70/30. You can sell even if your partner does not want to sell in a TIC.
Another option is Joint Tenants with Right of Survivorship. In a JTWROS deed each owner has an equal interest: 50/50 for two owners or one-third interest for three owners. This means that if one of the joint tenants passes away, their share will go equally to the remaining owners. This is usually the best option when close family members are purchasing a property together.
Tenants by the Entirety TBE means there is joint tenancy with the right of survivorship. This means that each owner owns one percent of the property. This is usually what is used by married couples.
When you do figure out which deed you will use, then you can also get a co-ownership agreement that will lay out the rights and responsibilities of each owner. This will help manage any conflict. You will want to include:
-Expectations regarding the use of the property
-Expectations of other owners
-Expenses (include property taxes)
-Division of household duties
-Overnight guests
-Pets
-Furniture
Homeownership is a great live event, but you need to make sure you do it the right way. Before making a commitment to this significant investment, contact a local real estate attorney who can help you with the process.