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Buying a Franklin Home With Someone Who Isn't Your Spouse TL;DR: Co-purchasing a home in Franklin with a friend, family member, or unmarried partner is ...
TL;DR: Co-purchasing a home in Franklin with a friend, family member, or unmarried partner is increasingly common—but it requires upfront legal and financial planning that most buyer guides skip entirely. A solid co-ownership agreement, the right title structure, and a shared exit strategy protect everyone involved.
Married couples aren't the only ones buying homes together in Franklin. Siblings pooling resources to help aging parents. Unmarried partners ready to build equity but not walk down the aisle. Friends tired of renting in downtown Franklin who'd rather split a mortgage on a place in Westhaven or Berry Farms.
Rising home prices across Williamson County have made co-purchasing a practical path to homeownership—especially in Spring 2026, when Franklin's median sale prices continue to reflect one of the strongest real estate markets in Middle Tennessee.
But lenders, title companies, and Tennessee state law all treat co-purchasers differently than married buyers. Skipping the planning phase can turn a smart financial move into an expensive legal headache.
How you hold title determines what happens if one owner wants out—or passes away. Tennessee recognizes two primary structures for co-purchasers, and the difference between them matters enormously.
Tenants in Common (TIC): Each owner holds a separate, defined share of the property. Shares don't have to be equal—one person can own 60%, the other 40%. If one owner dies, their share passes through their estate, not automatically to the other owner. This is the default in Tennessee if the deed doesn't specify otherwise.
Joint Tenancy with Right of Survivorship (JTWROS): Both owners hold equal shares. If one dies, full ownership transfers automatically to the surviving owner, bypassing probate entirely.
| Feature | Tenants in Common | Joint Tenancy (JTWROS) | |---|---|---| | Ownership shares | Can be unequal | Must be equal | | What happens at death | Share goes to owner's estate/heirs | Automatically transfers to surviving owner | | Can one owner sell their share? | Yes, independently | Yes, but breaks the joint tenancy | | Default in Tennessee? | Yes | No—must be specified on the deed |
Neither option is universally better. The right choice depends on your relationship, financial contributions, and long-term intentions. A real estate attorney in Franklin can draft deed language that reflects your actual arrangement.
Lenders evaluate co-borrowers by looking at everyone's credit, income, and debt—but they don't average things out in your favor. The borrower with the lowest credit score typically determines the interest rate tier, even if the other person has pristine credit.
A few things co-purchasers in Franklin should prepare for during the mortgage process:
Talk to a lender early—before you start touring homes in Franklin's competitive neighborhoods—so you know exactly what you qualify for together.
This is the document that saves friendships and family relationships. A co-ownership agreement (sometimes called a co-tenancy agreement) is a private contract between buyers that spells out what the deed and mortgage can't.
It should cover, at minimum:
Tennessee doesn't require this agreement, but any real estate attorney will strongly recommend it. Think of it as a prenup for your property—awkward to discuss, invaluable when you need it.
Williamson County property taxes, while competitive for the Nashville metro, still represent a meaningful shared expense. Make sure your agreement addresses how property tax increases—like those following a county-wide reappraisal—get split between owners.
HOA fees in Franklin's planned communities like Lockwood Glen, Avalon, and Stream Valley can also shift over time. Build flexibility into your budget.
And if one co-purchaser plans to live in the home while the other treats it as an investment, your tax situations will differ significantly. The resident owner may qualify for Tennessee's homestead exemption on their share, while the non-resident owner won't.
Co-purchasing works best when both parties treat it like what it is: a business partnership layered on top of a personal relationship. The most successful co-buyers we see in Franklin aren't the ones who agree on everything—they're the ones who documented their disagreements before they signed a single closing document.