Should you and your boyfriend purchase a home together, you would most likely take title to the home as joint tenants with right of survivorship or as tenants in common. As joint tenants or tenants in common, each of you would be entitled to a one-half, undivided interest in the property with the ability to sever your respective interests without the consent of the other joint owner.
Additionally, the creditors of either joint owner (for example, with respect to your boyfriend, the IRS or the SSA) may file a lien against the entire real
estate and force a sale of the property to satisfy a legal judgment. Therefore, if you and your boyfriend purchase a home jointly, the strong possibility exists that your boyfriend's creditors can and will lien the property to protect their interest in his unpaid debts. At the very least, any lien upon
the property would have to be satisfied out of the proceeds of any before sale.
In contrast, married couples can own their principal residence as "tenants by the entirety." Tenancy by the entirety is similar to joint tenancy with right of survivorship, but only applies to married couples. Importantly, the property can not be transferred without the consent of both spouses and a creditor of one spouse can not attach a lien to real property
held as tenants by the entirety. (However, a federal tax lien may attach to property held as tenants by the entirety, but generally can not be foreclosed upon until the non-debtor spouse's death.)
Generally, for the reasons stated bove, we strongly advise that non-spouses be wary of purchasing property jointly.
-- Michael T. Sawyier
