There are many different ways to take title with your partner. Before you purchase a property I would recommend you speak to a lawyer about how you should take title. I am not giving any legal advice! I’m simply letting same sex couples know some of their options.
First off, if you’re telling your escrow officer how to take title, CONGRATULATIONS!!!
That means you’ve found a property and you’ll be new home owners soon. One of the ways you might want to take title is Tenants in Common or Joint Tenants. There are pros and cons to each.
Tenants in Common:
- Allows for unequal ownership interests and allows assets to pass on according to a will.
- Drawback: If one partner doesn’t have a will, the ownership will pass according to State laws- most likely a sibling or parent, NOT the partner.
- With this type of ownership, if one partner dies, the property automatically pases to the surviving owner bypassing any will and probate process. (This is how my partner and I have title)
- Drawback: You have to keep very specific records of who has contributed to the mortgage and down payment because the federal tax code states that the ENTIRE value of the house is part of the deceased partner’s estate. It does not split the value between the two partners unless financial contribution by the surviving partner can be proven. So make sure your records are neatly kept in case of this situation.
ALWAYS CONSULT A LAWYER FOR LEGAL ADVISE WHEN PURCHASING YOUR HOME! THAT’S THE BEST WAY TO MAKE SURE YOU’RE PROTECTED . If you’d like to discuss more about property ownership, or would like to look at some investment properties in Las Vegas, you can visit my website at http://www.VegasHousesForYou.com or email me at firstname.lastname@example.org.