Once you have decided to sell your home, there are steps that need to be taken to get it on the market. The following will give you an idea of what is involved with gay divorce and selling the home.
You should get the house ready to show by making any necessary repairs, painting and generally making the home look nice and uncluttered both inside and out. This will help you get the best possible price for it when it sells. To avoid future conflict, it would be wise to prepare an agreement with each other that covers how the costs associated with selling the home will be paid and how the proceeds will be split once the home is sold.
You have the option of selling the home yourself, but hiring a real estate agent will save you a lot of stress. Selling your own home involves many steps including setting an appropriate selling price, preparing advertising materials, listing the home in various newspapers and other advertising venues, showing the home and holding open houses, learning which forms and documents that must be used according to your state’s laws, and finding out whether a lawyer must handle the closing. Laws related to real estate and gay marriage varies in each state and do affect the result of selling your home. Taking on the task of selling real estate yourself can quickly become almost a full-time job.
If you have decided to hire a real estate agent, you should contact a local gay / gay friendly agent that is familiar with LGBT issues. This will help avoid the possibility that you may be discriminated against and could help you avoid losing money on the sale. Gay / LGBT friendly agents keep up with the ever-changing same sex marriage laws that affect real estate and the sale of your home. The agent will help you arrive at a realistic listing price, list the home in the MLS, Multiple Listing Service, and may even have a potential buyer on his or her list that are looking for a home just like yours. Your agent will also handle showing your home to potential buyers and will arrange the closing. He or she will assist you and answer your questions throughout the entire process.
Once the home sells, you must pay the mortgage, any second mortgages and the agent’s fees from the proceeds. The funds that are left after expenses may then be divided between you as agreed.
Gay divorce and selling the home is a stressful undertaking. Hiring an gay / gay friendly real estate agent can help take much of that stress away ~ choose your perfect agent in a free on-line database at www.GayRealestate.com.
You may buy your partner out of the home that you own together if he or she agrees to sell it to you. A problem arises when you both want the home or your partner does not want to sell his or her interest to you and you do not have a written agreement setting out how this situation will be dealt with.
Your options are to work out an agreement with your partner or follow your state’s legal procedures and ask the court to order the home sold. An agreement is generally cheaper because you avoid the costs associated with selling a home on the open market. If you cannot come to an agreement, you may want to consider hiring a mediation service. A mediator is trained to resolve disputes and will develop a solution that takes into consideration both of your thoughts and feelings.
If you cannot come to an agreement and need to resort to the legal system, you must file what is known as a ‘partition’. The home will be ordered sold and the net proceeds split both of you. Net proceeds are the funds available after paying the mortgage, any liens and the cost of the sale. Before forcing the sale, the judge has the option of permitting one of the co-owners to purchase the other’s interest in the home at fair market value.
Fair market value is found by comparing the amount that other similar homes are selling for in the local market and the age, location and condition of the home. The result should be in the range of what a buyer would be willing to pay to the seller for the home in its current condition. A real estate appraiser that is familiar with your local market should be hired to find the fair market value of your home.
According to Nolo Law for All, most states presume that the individual’s interest in the home is 50 percent each if both names are on the deed. A dispute may arise if one party feels that he or she is entitled to a larger share of the home due to contributions of either significant extra money or labor. If this conflict arises, you can try to reach a fair settlement agreement. One method is to total the amount of down payment, mortgage payments, improvements and labor each has contributed and then compare the figures to come up with the percentage each owns in the home. If you cannot agree on a percentage, you may want to hire a mediator to help you resolve the issue.
Transferring ownership of a home involves deeds, taxes, filing fees and other costs that must be taken into consideration. It would be wise to consult a real estate broker or an attorney to find out what your state’s requirements are and to assist you with the transfer or sale of the home.