Closing on a New Home

[ReBeLBeLLe]

My girlfriend and I are set to close on a new home within the week. I have posted this same thread on the General Board and we have been getting some good advice over there, but my girlfriend and I want to make sure our interests are protected in a state that does not recognize same sex relationships. What we are looking for from you is advice that is geared toward protecting our interests jointly, although any advice on the buying will be appreciated also.

Thank you in advance for any help that is offered.

 

[Roxanne Appleby]

Well, you probably know this already, and it probably varies from state to state anyway, but where I am and probably in most places their are two kinds of ownership: Joint tenants and tenants in common. The first is sometimes called a "murder estate" because when one owner dies the other gets his or her share. Your ownership stake is not a "herediment" that goes to your heirs, but goes to the other owner instead (thus the "murder" - I knock you off and get your share ). You cannot sell your share to another person either. Either both sell together or there can be no sale.

Tenants in common are like shareholders in a company - each can sell his or her portion to a third party, and when a partner dies his or her share goes to his or her heirs, not to the other owner.

Note: I am rusty on this stuff because it's been many years since I dealt with it. Hopefully you are getting more authoritative advice, but I offer this for what it's worth.

Which is the best form for you? Ah - you have to decide that based on your particular situation. But those are the parameters (I think).

 

[ReBeLBeLLe]

Well, you probably know this already, and it probably varies from state to state anyway, but where I am and probably in most places their are two kinds of ownership: Joint tenants and tenants in common. The first is sometimes called a "murder estate" because when one owner dies the other gets his or her share. Your ownership stake is not a "herediment" that goes to your heirs, but goes to the other owner instead (thus the "murder" - I knock you off and get your share ). You cannot sell your share to another person either. Either both sell together or there can be no sale.

Tenants in common are like shareholders in a company - each can sell his or her portion to a third party, and when a partner dies his or her share goes to his or her heirs, not to the other owner.

Note: I am rusty on this stuff because it's been many years since I dealt with it. Hopefully you are getting more authoritative advice, but I offer this for what it's worth.

Which is the best form for you? Ah - you have to decide that based on your particular situation. But those are the parameters (I think).

Thank you Roxanne. We had not given this consideration and it was brought to our attention over on the General Board and we have contacted the appropriate people, discussed it and will be going the Joint Tenants route. If you think of anything else please feel free to add. When closing and moving we all have our moments when we want to slap our heads and say, 'Why didn't I think of this sooner?'