Tag Archives: gay home buyer

Owning your first home together is an exciting dream that can come true with a minimum of stress if you prepare before you begin your search. Many people, including same sex couples, make the mistake of jumping right into the search for their perfect home and then end up stressed out and exasperated with the unknown. Following are the top five mistakes first time same sex home buyers make. 1.         Not Getting Pre-approval from a Mortgage Company Getting pre-approved for a mortgage is not a requirement for writing an offer […]

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. Those who are looking to notarize their documents may consider searching for a notary near me online. […]

Purchase offers are generally completed using a standardized purchase agreement form that sets out the details of your offer. That document is not legally binding on either you or the seller of the property until it has been signed by both parties the buyers and sellers. When completing a purchase agreement form, you should consider the following issues. Contingencies Some of the contingencies that you may want to consider include: 1.   Will you need to sell your current home, if you have one, before completing the purchase of the […]

When you purchase a home with your LGBT partner, you will need to designate how you would like to hold ownership. Unfortunately, many partners do not understand the ramifications of home ownership until it is too late to do anything about it. Depending on the state that you live in, following are the advantages and disadvantages of different forms of same sex home ownership. Joint Tenancy with Right of Survivorship This designation means that when a partner dies, ownership of the home will transfer to the surviving partner as a […]

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 your credit report from one of the major reporting agencies […]

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 a long visit without getting anyone’s permission. Any improvements, e.g., […]

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 are some of the choices that are available. Joint tenancy […]

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 that you are serious about purchasing the home. Before making […]

Buying a home and moving in together is an exciting time in your life. The process of home buying and moving in together can be stressful and can cause tension in your relationship. The following tips on home buying and the big gay merge can help you reach your goal while enjoying yourself along the way. 1. Work out your finances. Have a discussion about your income, debts and credit history. A review of your finances can help you decide how much you can afford to pay for a home. […]

There are advantages and disadvantages to financing a mortgage with your partner. Careful consideration should be given to issues that could affect you before making a final decision. Top 5 Reasons to Put Mortgage in Both Names 1. If you both have good credit, obtaining a mortgage in both of your names may help you obtain a low interest rate. 2. Using both of your incomes to obtain a mortgage may increase your chances of getting approved for a higher priced home than you could afford alone. 3. When you […]