Tag Archives: gay marriage
Now that Gay Marriage is Legal, What Does it Mean for the Mortgage Market?
On June 26, 2015, the U.S. Supreme Court handed down its ruling on the case of Obergefell v. Hodges. This ruling gave gays and lesbians the right to marry in all states and struck down all current gay marriage bans. While we may not realize exactly how this ruling affected the country for a few years, experts are already anticipating changes in a number of industries. Those in the real estate industry have a few predictions for how same-sex marriage […]
How Legal Gay Marriage Will Effect Getting VA Loans
When the Supreme Court handed down their landmark decision on June 26, 2015, that reversed the Sixth Circuit Court of Appeals’ decision in Obergefell v. Hodges and effectively made same-sex marriage legal in all states, it affected more than just LGBT couples. It also affected the mortgage market in a number of ways. The first is that now same-sex couples can legally marry in any state, and those marriages are recognized throughout the U.S. This means that they now have all of the […]
Consequences of Same Sex Marriage on Real Estate
As of October, 2014, it is legal for same sex couples to marry in 32 states. For those who can legally marry, the calculation of estate taxes when a spouse dies and the amount of capital gain taxes that are exempt from taxes when you sell a home may be affected. Following are some of the ways that marriage can affect you. Tenancy in the Entirety Tenancy in the entirety is a way of holding title to your home that […]
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 […]
Gay Real Estate’s Top 10 Tips for Merging LGBT Finances When Buying a Home
Buying a home with your partner is an exciting event. Before combining finances and purchasing your home together, there are some things that you should talk about and consider. Following are the top 10 tips for merging LGBT finances when buying a home. 1. Have a discussion about your income, debts, spending habits and your credit history. This conversation will let you both know where you both stand financially and help you decide how much home you can afford. 2. […]
Legalities of Gay Marriage and Buying Your First Home Together
The legalities of gay marriage and buying your first home together vary depending on factors including the state that you live in. If you are married and live in a state that recognizes same sex marriages, the procedure for buying a home is the same as it is for heterosexual married couples. Those that do not live in a state that recognizes their marriage will be forced to purchase their home as individuals rather than as a married unit. Once […]
What Real Estate Rights does a Civil Union Afford an LGBT Couple
The Colorado Civil Union Act, C.R.S. 14-15-101, became effective on May 1, 2013 making it the only remaining state that allows civil unions. Other states that previously recognized those partnerships have adopted same sex marriage laws and converted civil unions, with the exception of Vermont, into marriages as a matter of law. Vermont enacted its same sex marriage law in 2009. All civil unions entered into before that date are still recognized as civil unions. Note that New Hampshire enacted […]
Top 5 Cities for LGBT Families with Children
GayRealEstate.com reviewed cities throughout the United States to find some of the best cities for LGBT families to raise children. Our research took into account state laws affecting the LGBT community and the availability of support groups. All of the cities we chose are located in states where same sex marriage is legal and LGBT families have the right to foster and adopt children. Same sex marriage is an important element in child rearing when considering the legal protections that […]
Exploring Forms of Home Co-ownership for LGBT Unmarried Couples
The forms of co-ownership available to unmarried LGBT couples include joint tenancy and tenancy in common. Note that while tenancy by the entirety is a common designation, it is only available to married couples. When you put both your names on a deed, you must designate the form of co-ownership that is best for both of you. Joint tenancy automatically gives ownership of the property to the surviving partner when one of you dies. In some community property states including […]
Dear Gay Realtor, My partner and I are getting married, do we need to do anything with the mortgage and home he owns individually?
You are not legally required to do anything with the mortgage and home that your partner owns when you get married. However, if legal arrangements are not made, you may not have a right to inherit the home if your spouse dies. If your name is not on the deed and no will has been made, his home will be inherited according to intestacy laws in the state that you live in. For example, since same sex marriages are not […]