Archive for June, 2010
Buying Together Gay: Special Considerations For The Glbt American Dream
The American Dream of home ownership usually demands some rather peculiar legal considerations for GLBT couples since the law doesnt treat GLBT couples with the same respect and consideration reserved for those who can waltz into any 24hour chapel of love in Las Vegas and get legally married.
But Sin City recently passed a new ordinance that may curtail the hours for allnight marriage chapels so who knows what might happen next? Maybe one of these years legislation will also end the 24hour ban on GLBT marriages.
In the meantime those GLBT couples thinking of buying real estate together may want to make some unique preparations in terms of information gathering and factfinding to learn as much about the process ndash; and what to expect in the future ndash; as possible.
Here are three things to ponder before taking the plunge into your share of the American Dream of home ownership:
1 Sharing payments:
If you are both planning to contribute equally to the transaction there is more to consider than just the purchase price and monthly mortgage payments. You will need to divide the down payment which can be up to 20 percent of the purchase price and closing costs which will likely be a few thousand dollars. And there are other incidental expenses such as mortgage insurance homeowners insurance and property taxes.
If you decide to pay unequal portions ndash; for example if one partner pays 60 percent and the other 40 percent ndash; then you will want to have your attorney specify the ratio of ownership in the deed. Otherwise most states will assume that you each own half. Dividing the property if you ever sell it or go your separate ways is much easier if you have proper legal documentation of your shared ownership interests.
In most states a contract can be drafted that spells out the agreement between partners so that there is no confusion and other legal obstacles are easily overcome. The contract can be recorded at the courthouse but if you prefer for it to remain private that is also an option.
2 Applying for the mortgage:
When two people apply for a mortgage the lender will check such things as credit history income and assets for both parties. If one of you has stellar credit but the other has had a recent bankruptcy for instance it could create problems with the loan. On the other hand if both of you have great credit and substantial income combining your track records may get you a lower interest rate or other perks.
So before you apply for the mortgage get a good picture of your credit worthiness and other relevant financial information so that you know your potential strengths and weaknesses in terms of borrowing power. While youre at it you can gather all the various documents that a lender will request such as income tax statements and pay stubs so that when you are ready to apply for a loan the process will go smoothly and quickly.
3 Survivorship rights:
Perhaps the most significant property rights issue for gay and lesbian couples versus married couples in the USA has to do with survivorship rights. If two people own the same piece of real estate but are not legally married the courts generally define the ownership as shared but not subject to rights of survivorship. Right of survivorship; means that when one of the people who shares ownership dies legal ownership of the entire property passes automatically to the surviving partner. So gay and lesbian couples need to take steps on their own if they want to ensure that if one partner dies the other partner will be able to keep the house and automatically inherit full ownership.
And although a Last Will and Testament can take a long time to execute the document that is most commonly used by gay couples to ensure survivorship happens automatically because it is not actually a will but is a special kind of property deed. If the deeds states that there is Joint Tenancy with the Right of Survivorship; the transfer of ownership will likely not have to go through probate court like a Last Will and Testament. Joint Tenancy with survivorship rights is not legal everywhere but many states still honor it and it is a good option for GLBT couples.
Before shopping for a home it is a good idea to seek out expert legal and financial advice. If you visit a bank or mortgage company you can get plenty of information regarding loan options and mortgage application criteria. And by enlisting the help of an attorney who specializes in real estate law ndash; and also has experience with the kinds of legal issues that are particularly important to gay and lesbian couples ndash; you can take steps to ensure the protection of your real estate assets. Planning ahead will also give you and your partner extra peace of mind.
About the writer:nbsp;nbsp;For Realtors and mortgage lenders who specialize in helping GLBT couples find and purchase their dream homes visit www.GayRealEstate.com and www.GayMortgageLoans.com.
Commitment passion and dedication to changing what you perceive as a social injustice and prejudice was the drive that encouraged Jeff Hammerberg to create a monumental service to the American LGBT community one that he had envisaged for a quarter of a century. 2004 was a significant year in realizing his dream as Jeff Hammerberg founder of the largest LGBT real estate marketplace in the world reaped the rewards of his vision that had been nurtured for 25 years.
During the 1990s he worked in residential real estate and observed first hand the quiet homophobia that pervaded the industry and silently but effectively hampered the lives of LGBT consumers nationwide by placing barriers between them and home ownership. By 1997 with little more than foresight a strategy and zealous fortitude Hammerberg broke away from the traditional real estate community to create the first virtual real estate marketplace for LGBT clients.
Beginning with homelounge.com an Internet company dedicated to assisting home buyers and sellers in the USA Hammerberg gradually added services and sites while adhering to a strict personal commitment to donate proceeds from his businesses directly into the LGBT community.
By 2004 he had created www.lesbianhomes.com www.gayrealestateplanet.com and www.gaymortgageloans.com which are all groundbreaking companies in terms of concept and adherence.
Buying Property In The Clear Lake Area
If you are thinking of buying property in the Clear Lake area new homes are going for next to nothing in some of this city’s up and coming property developments. There are some good buys to be found in just about every price range and you would do well to get in on some of these developments before the growth stops.
So why would you want to buy a home in the Clear Lake area? New homes here were rated by CNN last year as one of the best new places to live in Texas and this year Clear Lake made the top ten of best new places to live in the USA. This is in large part due to the decline in housing prices and standards countrywide that have yet to affect the greater Houston area as heavily as many parts of the country.
You can expect some of the new homes here to be a little bit pricey in comparison to some other areas but this does not mean there isn’t significant investment potential in this county. The prices for medium sized family homes have shown solid growth over the last decade and are expected to recover from the current housing crisis. There is no reason to expect a drastic drop in property value in the area any time soon.
So if you are looking to buy your new dream home and you want to invest in a property that is sure to appreciate dramatically in value this area is a good option to look at. There are many advantages to living in this city not the least of these is the pleasant weather that you don’t usually find around Houston. The lake breeze does a lot to cool the afternoon heat and winters around this area are not nearly as severe as they are in other parts of the state.
Another major benefit to living here is the choice of fine public and private schools. If you want your children to attend the best schools in Texas then you should definitely consider looking at some of the new homes that are being built.
While property prices for some of the newer homes in the area remain high these developments are definitely offering their buyers good value for money. You won’t find cardboard box houses or squashed semidetached housing in many places and most of the security estates that are being built consist of medium size fullydetached homes that are well worth their market value and more. Most of these developers are offering large discounts if you prebuy in the planned stages so get down there straight away and start looking at blue prints.
If you are looking at top of the range homes in the Clear Lake area new homes in the higher price ranges are definitely in those price ranges for a reason. In the upper 600s you can buy beautiful restored or brand new mansions that would cost over 1 million in other parts of the country. Some of these properties might look to be priced a little high though but remember that capital appreciation on larger homes in this area is very strong and you can expect significant returns on any significant investment.
The market here is also primed for smaller buyers right now with many of the smaller developments going for next to nothing in the early phases. Developers are desperately trying to attract buyers despite the current subprime lending crisis and if you have some capital to invest or sufficient credit it would be well worth your while to have a look at the new homes that are going up in the next few months to a year. Stay clear of any developments with a longer time frame than this as then you could end up paying higher prices for these units as the market moves.
About the writer: Edgewater is the Bay Area’s newest mixeduse masterplanned community on 538 acres in the heart of Webster Texas. Visit http://www.edgewaterwebster.com for more information.
Buying Land In Costa Rica
Owning property in a tropical location is becoming quite the in thing to do and many people are buying land in Costa Rica. With some of the most luxurious homes in the world nestled into the most amazing natural environment that you can find a quick glance around can convince anyone of the benefits of owning property here. If you are considering buying a tropical home for vacation or even permanent residence you should certainly consider buying land in Costa Rica.
The beautiful and clean natural surroundings are a huge reason that so many are buying land in Costa Rica. Nowhere else on earth can rival the beauty of the environment here. With dense rainforests beautiful waterfalls and towering mountains you will feel as if you are enveloped in nature whenever you look out of your windows or step out the door. Imagine waking up each morning to the sounds of nature and the sweet fragrance of tropical flowers.
The quality and luxury of the homes at Cerro Fresco are yet another reason people are buying land in Costa Rica. Everything you could ever want in a relaxing destination is available with the purchase of your private bungalow. From stateoftheart fixtures to a relaxing tropical dcor these homes have it all. The property amenities are unmatched as well with concierge service a spa with a professional staff and a private restaurant for property owners.
If these images have you thinking about buying land in Costa Rica visit CerroFresco.com for more information on the amazing properties there. The beauty elegance and luxury you will find by choosing this location will make you wonder how you ever lived without your secret retreat from the chaos of the world. Finding your own tropical paradise is as simple as buying land in Costa Rica.
About the writer: An alluring quality of life experience awaits you at Cerro Fresco an unparalleled Costa Rica Real Estate development located in Jaco Costa Rica.
