Thinking of buying a house with your partner? Many unmarried
couples decide to live together, often co-owning their homes. Here are some questions
to consider if you’re thinking of making a similar commitment.
Will One Partner Take Out the Mortgage? Or Will You Be Co-Borrowers?
When unmarried couples apply for a mortgage, the partner
with stronger credit may opt to be the sole buyer. This can lead to the best
possible loan terms and rates.
Alternatively, the couple can apply for a mortgage in both
names and pay it off from a joint bank account. Buying a home together, as co-borrowers,
may seem to strengthen the couple’s borrowing power. Yet it can do the opposite.
A lender will look at the lower of the two credit scores to make approval
Moreover, co-borrowers need to refinance the loan if they
later stop co-owning and put the title into only one of their names. Handling a
home loan jointly can complicate the couple’s future if the relationship
☛ Before applying for your mortgage, get
the facts on credit scores — and how to boost yours.
Continue reading “Issue Spotting: Buying a Home With an Unmarried Partner”
When a person passes away, the death certificate and last
will are submitted to the county probate court. A person representative begins
the process of passing assets along as the will directs — except when other
valid legal instruments have priority. One of those instruments is the
all-important real estate deed.
Houses can be left to their owners’ chosen
beneficiaries through wills. But when someone who co-owns a house passes away, questions
may arise as to what the last will says versus what the deed says. In case of a
conflict, does the last will get the last word? Short answer: probably not. The
long answer starts with the
way the title is vested.
Survivorship Rights Vs. Tenancies in Common
When an owner dies, a properly signed and recorded deed directs
and channels the person’s property interest to its next owner, typically according
to the following rules.
Continue reading “What Happens When Wills and Deeds Conflict?”
A tenancy in common is a popular way for co-owners to take title to a home. This way of vesting offers an alternative to joint tenancy, in which a home is co-owned, but the owners split their interest evenly. Here, we talk about what a tenancy in common is, and why its allowance for co-owning in unequal shares can be a benefit.
Continue reading “Owning Property in Unequal Shares, as Tenants in Common”
married people own real estate together, how do their rights work? Here, we
walk though the most basic questions about couples and their homes.
Continue reading “Marriage and Real Estate: A Brief Tour”
planning, wills and trusts aren’t everything.
Homeowners who want to be sure the home passes to the desired beneficiary must be sure the property is correctly vested.
common example. If you co-own property with a right of survivorship, your
interest cannot be willed to any other party. The person who survives automatically
in your interest.
review this and other consequences of the vesting of real estate.
Continue reading “How’s Your Property Vested? It Matters as Much as Your Will or Trust”
limited liability companies, or LLCs, can hold real estate for tax
advantages or avoidance of the probate process. Some homeowners work in
high-risk careers or own their businesses, and wish to keep the home from
becoming vulnerable to lawsuits.
briefly summarize key options.
Continue reading “Holding Real Estate in a Trust-Or an LLC”
Title vesting is the way an owner (or owners) of property
takes title to their real estate. The way that title is held will affect what
the owner (or owners) can do with the property during his or her lifetime, and
will also determine whether or not the property has to go through probate
proceedings upon the owner’s death.
When a deed is written for real property, the ownership is
described using the owner’s name and a descriptive phrase for the legal
relationship between multiple owners or married people. Vesting decisions will
vary from state to state.
Continue reading “Types of Vesting Related to Real Estate Ownership”
The Nevada statutes identify three primary ways for
two or more people to hold title to real property: tenancy in common, community
property, and joint tenancy (NRS §§
Continue reading “Vesting options for Co-Ownership of Nevada Real Estate”