Two undistinguishable fermions, electrons in your case, are in an anti-symmetrical state. So, the state you wrote has to be corrected, see below how. Also if you use the notation of the tensor product $\otimes$, it is desirable to use it consistently.
$$\frac {\langle r_1|a\rangle \otimes \langle r_2|b\rangle - \langle r_1|b\rangle \otimes \langle r_2|a\rangle}{\sqrt{2}} \otimes \frac {|\downarrow \rangle_1 \otimes |\uparrow \rangle_2 + |\uparrow \rangle_1 \otimes |\downarrow \rangle_2}{\sqrt{2}}, \tag{i}$$
where the notation $\langle r_1|a\rangle \otimes \langle r_2|b\rangle$ indicates the function $a$ in the representation $r_1$ and the function $b$ in the representation $r_2$.
The meaning of the formula $\text {(i)}$ is that the state of the undistinguishable fermions is anti-symmetrical, i.e. if it is anti-symmetrical in the ordinary space, it is symmetrical in the spin-space, and vice-versa, as shown below
$$\frac {\langle r_1|a\rangle \otimes \langle r_2|b\rangle + \langle r_1|b\rangle \otimes \langle r_2|a\rangle}{\sqrt{2}} \otimes \frac {|\downarrow \rangle_1 \otimes |\uparrow \rangle_2 - |\uparrow \rangle_1 \otimes |\downarrow \rangle_2}{\sqrt{2}}. \tag{ii}$$
All the four spaces (Hilbert, or vector, according to how you construct them), are different spaces, and this is why you use the notation of the tensor product.