Co-habitating or Same-sex couples can own a home!

A couple of referenced couples have approached me to ask if they can own a home if they are not married.

The answer is yes, indeed. I'm using information provided from a documents titled Forms of Co-Ownership from my friends at Chicago Title. And of course, you should consult an attorney, or CPA to determine the legal and tax consequences of how title is vested. Here in Indiana married couples assume property as man and wife in a Tenancy by the Entirities. The husband and wife own as "one entity". Title is not separable, each has individual interest in the whole and the creation of an estate is presumed (unless otherwise stated). They have equal rights of possession and a conveyance must be signed by both. The survivor becomes the sole owner.

Joint Tenancy situation. The ownership, persons can/may be husband and wife interests must be equal and title interest is in the whole. The granting clause in the deed must specify joint tenants with rights of survivorship. Each has equal right of possession. The purchaser becomes a tenant in common with the other co-owner in the property. Sale of the interest by each party.

When couples are not married, they may take ownership of a property as Tenancy in Common. Any number of people, ownership is divided into equal interest, each has a separate legal title to his undivided interest, equal rights of possession. The co-owners interest may be conveyed separately without the consent of co-owners. The purchaser becomes a tenant in common with other co-owners, and on co-owner's death, the interest passes to his/her estate.