 |
Buying Together Gay: Special Considerations for the Glbt American Dream
Author: Jeff Hammerberg  | Posted: 02-10-2007 | Comments: 0 | Views: 29 | Rating: (68)  (?) 
 The American Dream of home ownership usually demands some rather peculiar legal considerations for GLBT couples, since the law doesn’t treat GLBT couples with the same respect and consideration reserved for those who can waltz into any 24-hour chapel of love in Las Vegas and get legally married.
But Sin City recently passed a new ordinance that may curtail the hours for all-night marriage chapels, so who knows what might happen next? Maybe one of these years legislation will also end the 24-hour ban on GLBT marriages.
In the meantime, those GLBT couples thinking of buying real estate together may want to make some unique preparations in terms of information gathering and fact-finding, to learn as much about the process – and what to expect in the future – as possible.
Here are three things to ponder before taking the plunge into your share of the American Dream of home ownership:
1) Sharing payments:
If you are both planning to contribute equally to the transaction, there is more to consider than just the purchase price and monthly mortgage payments. You will need to divide the down payment, which can be up to 20 percent of the purchase price, and closing costs, which will likely be a few thousand dollars. And there are other incidental expenses such as mortgage insurance, homeowner’s insurance, and property taxes.
If you decide to pay unequal portions – for example, if one partner pays 60 percent and the other 40 percent – then you will want to have your attorney specify the ratio of ownership in the deed. Otherwise, most states will assume that you each own half. Dividing the property if you ever sell it or go your separate ways is much easier if you have proper legal documentation of your shared ownership interests.
In most states, a contract can be drafted that spells out the agreement between partners so that there is no confusion and other legal obstacles are easily overcome. The contract can be recorded at the courthouse, but if you prefer for it to remain private, that is also an option.
2) Applying for the mortgage:
When two people apply for a mortgage, the lender will check such things as credit history, income, and assets for both parties. If one of you has stellar credit but the other has had a recent bankruptcy, for instance, it could create problems with the loan. On the other hand, if both of you have great credit and substantial income, combining your track records may get you a lower interest rate or other perks.
So before you apply for the mortgage, get a good picture of your credit worthiness and other relevant financial information, so that you know your potential strengths and weaknesses in terms of borrowing power. While you’re at it you can gather all the various documents that a lender will request, such as income tax statements and pay stubs, so that when you are ready to apply for a loan the process will go smoothly and quickly.
3) Survivorship rights:
Perhaps the most significant property rights issue for gay and lesbian couples versus married couples in the USA has to do with survivorship rights. If two people own the same piece of real estate but are not legally married, the courts generally define the ownership as shared, but not subject to rights of survivorship. “Right of survivorship” means that when one of the people who shares ownership dies, legal ownership of the entire property passes automatically to the surviving partner. So gay and lesbian couples need to take steps on their own if they want to ensure that if one partner dies, the other partner will be able to keep the house and automatically inherit full ownership.
And although a Last Will and Testament can take a long time to execute, the document that is most commonly used by gay couples to ensure survivorship happens automatically, because it is not actually a will but is a special kind of property deed. If the deeds states that there is “Joint Tenancy with the Right of Survivorship”, the transfer of ownership will likely not have to go through probate court like a Last Will and Testament. Joint Tenancy with survivorship rights is not legal everywhere, but many states still honor it and it is a good option for GLBT couples.
Before shopping for a home, it is a good idea to seek out expert legal and financial advice. If you visit a bank or mortgage company, you can get plenty of information regarding loan options and mortgage application criteria. And by enlisting the help of an attorney who specializes in real estate law – and also has experience with the kinds of legal issues that are particularly important to gay and lesbian couples – you can take steps to ensure the protection of your real estate assets. Planning ahead will also give you and your partner extra peace of mind.
Rate this Article:
Current: 0 / 5 stars - 0 vote(s).
Article Source: http://www.articlesbase.com/real-estate-articles/buying-together-gay-special-considerations-for-the-glbt-american-dream-224558.html
About the Author:For Realtors and mortgage lenders who specialize in helping GLBT couples find and purchase their dream homes, visit www.GayRealEstate.com and www.GayMortgageLoans.com.
Commitment, passion and dedication to changing what you perceive as a social injustice and prejudice was the drive that encouraged Jeff Hammerberg to create a monumental service to the American LGBT community, one that he had envisaged for a quarter of a century. 2004 was a significant year in realizing his dream, as Jeff Hammerberg, founder of the largest LGBT real estate marketplace in the world, reaped the rewards of his vision that had been nurtured for 25 years.
During the 1990s, he worked in residential real estate, and observed first hand the "quiet homophobia" that pervaded the industry and silently but effectively hampered the lives of LGBT consumers nationwide by placing barriers between them and home ownership. By 1997, with little more than foresight, a strategy, and zealous fortitude, Hammerberg broke away from the traditional real estate community to create the first virtual real estate marketplace for LGBT clients.
Beginning with homelounge.com, an Internet company dedicated to assisting home buyers and sellers in the USA, Hammerberg gradually added services and sites, while adhering to a strict personal commitment to donate proceeds from his businesses directly into the LGBT community.
By 2004, he had created www.lesbianhomes.com, www.gayrealestateplanet.com, and www.gaymortgageloans.com, which are all ground-breaking companies in terms of concept and adherence.
|
Submitting articles has become one of the most popular means of generating quality backlinks and targeted traffic to your website. Join us today - It's Free! |
|
Related Articles
Good Reasons to Buy Now: the Current Housing Market is a Rare Bargain
By: Jeff Hammerberg | 02/10/2007 | Real Estate
Why the current Real Estate market represents a 'good' opportunity for buyers.
Charlottesville Real Estate - the Numbers That Really Matter
By: Rob Alley | 14/12/2007 | Sales
The most important factor in buying or selling a home isn't what is going on nationally - it is what is going on in your local market. Whatever the national trends are with regard to real estate - whether they are booming or busting - what really matters is what the market conditions are in your region, town, or neighborhood. What does that mean?
Does the Nationwide Housing Market Tell the Same Story for Charlottesville?
By: Rob Alley | 14/12/2007 | Sales
Is now the best time to buy? Are prices going to keep falling in Charlottesville? How does the Charlottesville Real Estate Market compare to the rest of the nation? Well, let's see.
Realtors and Home Sellers - are you Crazy Enough to Compete in Today's Market?
By: jeannene edwards | 16/07/2007 | Advice
Drastic times require drastic measures... and today's real estate market is certainly seeing some drastic times! If you want to be competitive you're going to have to get 'Crazy'!
Home Sellers, Realtors and Home Stagers - 5 Effective Ways to - Up your Houses Sell Appeal!
By: jeannene edwards | 16/07/2007 | Advice
One of the first tips I share with clients who want to prepare their home for sale... make your home look like it is ready to welcome the possessions of a new owner!
Real Estate 101: How Much Homeowners Insurance Do I Need?
By: Kinan Beck | 06/10/2007 | Real Estate
When you buy real estate, one of the first things you need to consider is how you will keep your investment properly protected. Whether you are purchasing real estate as a place for you to live or you are purchasing it as an investment property, you still want to make sure it is protected from damage or other problems that may occur.
Realtors and Sellers - Remembrances of the Good Old Days!
By: jeannene edwards | 16/07/2007 | Advice
Oh ... for the good old days. You know, when gasoline was $2.00 a gallon, cokes were a dollar, interest rates were below 5%, and sticking a sign in the yard and waiting for offers to come in was enough to get your house sold! Hmmm ... and it seems like only yesterday ... !
Realtors and Home Sellers . . . 5 Proven Ways to Help you Find the Buyers That are Still Out There!
By: jeannene edwards | 16/07/2007 | Advice
No matter how slow the buying market is right now, remember . . . houses are still selling. So your questions should be . . . who is buying, who is selling, and how are they doing it?
Got a Question? Ask.
Ask the community a question about this article:
Frequently Asked Questions
Investing with no money.
By: supermania | 20-11-2007
I'm 30 with no assets. I want to start investing in real estae but have no money.How can I start?
Laptop
By: ylgolan | 19-11-2007
where is the best place in the far east (hong kong ' bangkok ) to buy a laptop
Where can i get aerial photos of Haifa, Israel
By: naknik | 15-11-2007
where can i get aerial photos of Haifa, Israel
Where can i buy a kortus kalacks oven? and how ...
By: kaplan29 | 15-11-2007
where can i buy a kortus kalacks oven?and how much it cost?
Nationalization in georgia
By: popopo | 14-11-2007
what are the chances for nationalization of the real estate in georgia? (the east european country)
Real estate investing
By: Adisa | 13-11-2007
when will there be the best real estate buying oppty in the san diego area
Q&A Powered by: 
Latest Real Estate Articles
Motivated Real Estate Seller Negotiation
By: Mark Walters | 21/08/2008
When it comes to being successful at real estate investing the term "motivated seller" is the key to the bank.
When you see the words 'motivated seller' next to a name on your list, it can seem like you've just been given a gift from the gods. Sellers who come...
One of the Suitable Places for Real Estate Investment: Faridabad
By: Matinez | 21/08/2008
Some of the renowned developers from Delhi and its neighboring cities, such as Eldeco Group, Ansals, Omaxe, Parsvnath Developers and so on are reaching Faridabad to start new high end projects that include integrated townships, shopping malls cum multiplexes, residential dwellings, group housing projects, IT parks and modern office spaces.
Jacuzzi Types and Styles
By: Ed Terran | 21/08/2008
You have decided to buy a Jacuzzi for your home. Have you done your homework to see what style you are going to purchase? If not, you may want to learn a few things about these oversized bathtubs before you actually purchase one.
There are bathtub, portable, steam room, hot tub,...
Some Support Talat and Some Do Not
By: Linda Cartwright | 21/08/2008
Efforts to solve the Cyprus issue are being evaluated in different ways in Turkey. While the Turkish Government supports the Turkish Government supports the Turkish Cypriot President Talat's efforts, the main opposition party (CHP) has criticized Talat after a long period.
Orders to the ambassadors from Babacan
Turkey's Minister of foreign Affairs...
Different Types Of Ceramic Tiles For Bathroom, Kitchen.
By: Ed Terran | 21/08/2008
Everyone has gotten into the craze of ceramic tiles lately. This is what they want on their floors, walls, and especially the bathroom area. When it comes to shopping for the type that you want installed, prepare yourself to be overwhelmed. The different types and manufacturers will astound you.
These tiles...
Bathtub Sizes, Types, And Styles
By: Ed Terran | 21/08/2008
Your bathroom can often be one the simple luxuries you enjoy every day at an affordable price. In fact, a well styled bathroom can add value to your house. A well selected bathroom is central to the utility and ambience of your bathroom, so think carefully before you buy one.
When...
New Range of UK Style Mortgages to be Expanded
By: Mark Smalls | 21/08/2008
The range of UK - style mortgages being offered to British and Irish citizens interested in buying property in North Cyprus is set to be expanded.
British company Lewis Finance says the scheme, which is already receiving a lot of interest from expats and people looking to buy holiday homes on...
Chennai's Expanding Real Estate Market
By: George Gonigal | 21/08/2008
Chennai is experiencing an extensive real estate growth in past one year. Chennai real estate developers are having a good business deal happening during this period of time.
|
|
Finance 
