Buying property with a partner—whether romantic, familial, or business—is an exciting step, but it's also one that comes with legal complexities. In Rhode Island, co-owning real estate can offer financial and practical benefits, but it’s important to take a proactive approach to avoid disputes down the line. At Tomassi Law, LLC, we help clients navigate the legal landscape of joint property ownership and protect their interests from the outset.

Types of Co-Ownership in Rhode Island

Rhode Island recognizes several ways to jointly own property:

• Tenancy in Common (TIC): Each owner holds a specific share of the property, which can be unequal. These shares can be sold or transferred independently, and there is no right of survivorship.
• Joint Tenancy with Right of Survivorship (JTWROS): Both owners have equal shares, and if one passes away, the surviving owner automatically inherits the deceased’s share.
• Tenancy by the Entirety: This option is available only to married couples. It offers strong protections, including shielding the property from one spouse’s individual creditors.

Choosing the right form of ownership is critical, as it affects your rights during and after the relationship.

Drafting a Co-Ownership Agreement

Even if the property title spells out the form of ownership, a co-ownership agreement can go further in addressing:

• How costs (mortgage, taxes, maintenance) will be shared
• What happens if one partner wants to sell
• Buy-out terms
• How to handle disputes
• Inheritance or succession plans

This agreement acts as a legal safety net and can save both time and money if the relationship changes or dissolves.

Mortgage and Credit Considerations

If you're both applying for a mortgage, keep in mind:

• Both partners are liable for the entire mortgage, not just their “half.”
• One partner’s credit score could impact the loan terms.
• If the relationship ends, separating the mortgage responsibility can be difficult.

You may want to consult a lawyer to understand how these factors affect your long-term obligations.

What Happens If You Break Up or One Partner Dies?

Without proper legal planning, ending a personal or business relationship can trigger major complications:

• One partner may be forced to buy out the other or sell the property altogether.
• If one partner passes away and there's no right of survivorship or estate plan in place, the deceased’s share could go to their heirs—not the surviving partner.

An estate plan or cohabitation agreement can help ensure your wishes are followed, even if your circumstances change.

How Tomassi Law, LLC Can Help

At Tomassi Law, LLC, we work with clients throughout Rhode Island to make sure their property purchase is not only legally sound but also aligned with their long-term goals. Whether you’re buying a home with your significant other or investing with a friend, we can help draft agreements, review purchase documents, and guide you through the process from start to finish.