Tag Archives: gay home buying
My Partner and I Are Making an Offer On a Home, What Does All That Lingo Mean?
When purchasing a home, you will hear many different terms. When you make an offer, you will do so on what is usually a standard form that is called a purchase offer agreement. That is the document that outlines factors including the price you are willing to pay and any contingencies that you would like met. This document will not become a legal contract until you, your partner and the sellers sign it. Following are some other definitions for lingo […]
5 Ways for Same Sex Couples to Prepare to Own Their First Home
Many same sex couples make the mistake of not preparing before purchasing their first home. The result is unexpected delays and disappointments. Following are five ways for same sex couples to prepare to own their first home. 1. Calculate the Cost of Owning a Home The first step is to determine how much home you can afford. You can do this by applying for preapproval from a mortgage lender. Before applying, it would be wise to obtain a copy of […]
4 Reasons for Same Sex Partners to Own Their Own Home
Owning your own home allows you to experience the pride of home ownership. For many same sex couples, the security of owning their own home is an accomplishment that they look forward to once they have established a secure relationship. There are many benefits to owning a home compared to renting. 1. Freedom When you own your own home, you have the freedom to decorate and make landscape changes, make noise, have pets and allow anyone you would like for […]
Home Buying Tips for Same Sex Couples
When same sex couples purchase a home, there are some legal protections that can be put into place to protect their children in the event one or both of them die. The protections that would be best for you will depend on your particular situation. Following are some of the options that are available, depending on the state that you live in. Types of Ownership When you purchase a home, you can choose how you want to take ownership. Following […]
Home Buying Tips for Same Sex Couples
When you find the perfect home that you and your partner would like to purchase, you will begin the process by making a purchase offer. The offer generally includes how much you are offering to pay for the home, contingencies to the purchase such as inspections or financing, and any conveyances you would like included such as furnishings or other assets. It may also include a good faith deposit, generally $500 or 5 percent of the home’s value, to show […]
Buying a Home When One Partner Has Bad Credit
Because both of your credit scores will be used by the lender when you apply for a mortgage together, one partner with bad credit could result in denial of your loan application or an offer to lend with a higher interest rate. Following are some tips for dealing with bad credit when buying a home with your partner. 1. Under the Federal Fair Credit Reporting Act, FCRA, nationwide credit reporting agencies must provide individuals with a free copy of their […]
5 Home Buying Pitfalls for Same Sex Unmarried Couples.
Same sex unmarried couples face a different set of legal issues than married couples. Failing to plan for the future is the number one mistake that partners make. Some of the home buying pitfalls for same sex unmarried couples are outlined below. 1. Consider putting both of your names on the deed. While it may be tempting to purchase a home with only one of your names on the deed, the partner’s name that is left off will a legal […]
6 Tips for Buying in a Fast Paced Market
When a real estate market is fast paced, homes sell quickly and buyers must make swift decisions to avoid losing a home that they have their heart set on purchasing. Following are 6 tips for buying in a fast paced market. 1. Know exactly what you are looking for before you start your search so that you will know you found it as soon as you see it. Sit down and make a list of must-haves, then be prepared to […]
Gay Homebuyer? 5 Questions to Ask the Neighbors Before Buying a Home
Buying your dream home is a major step in life that you will presumable be living in for a long time. When you find the perfect home for you, it would be wise to take a walk around the neighborhood and talk to some of the neighbors. Failing to do this is one of the most common mistakes that buyers make. Neighbors can give you a lot of information about the house and about the neighborhood. Following are 5 questions […]
Dear Gay Realtor, Can I Add my Same Sex Partner to the Deed of my Home?
Adding your same sex partner’s name to the deed of your home is relatively simple. You would need to complete a quitclaim deed, have it notarized and file it with your county registry of deeds. Some states also require witnesses or your partner’s signature on the quitclaim deed before it can be filed. Although the process is simple, the consequences of adding your partner to your deed should be seriously considered before taking that step. Unless you prepare a contract […]