How Do We Take Title on Our Home Purchase as a gay couple?

Searching for a home can be a very exciting time

for a couple.  Working with many gay couples over the years I have seen the excitement in peoples eyes when they find the right home and I consider myself lucky to be part of such a big step in their lives.  Many gay couples in the New Port Richey area reach out to me for assistance in selling or buying a home and one thing I have to ask every home buyer is "How do you want to take title?"

Right now in the state of Florida, gay couples cannot legally marry and without the protection of marriage you need to consider the following two scenarios that may relate to you.  Before you read on I must say that this is just a reality and I'm not happy about how much focus may be on finances over love.

You can title the home in both of your names with

full survivorship rights. That means that if one of you should pass away, the other gets the home completely as a sole owner.  I recommend this (please consult your attorney) for couples who are both financially responsible for the home by being both named on the home loan note and mortgage. You both have not only an interest in the deed but you both have a financial interest in the home.

Should you be the only person named on the home loan note and mortgage, you may want to consider being the only person named on the deed.  I know that sounds crummy but it is for the protection of the person who is financially tied to the home. I had a customer call me to list his home for sale. His ex partner was on the deed and he was the only one on the mortgage. After being apart for 13 years the title company had to issue a check for 1/2 of the proceeds of the sale to his ex. The check was mailed to his out of area address and my customer never saw a penny.  Things happen and I suggest you consult your attorney and accountant prior to shopping for a home.  Tell your Realtor what your attorney or accountant advised you to do and that is how we will have the title written.

My recommendation if you find yourself in a

situation where you and your partner are going separate ways and you are both on the deed of your home that you consult your attorney as you may be able to come to an agreement regarding the finances upon the sale of the home and what you need to do so you can retain ownership of the home.

Assisting gay couples and singles buy and sell real estate in the New Port Richey area of Florida is a large part of my business. If you or someone you know is gay and in need of a gay real estate agent in the western Pasco county area, contact me. You can use my online contact form to request information or request a phone call from me.

What Do You Mean "Gay Money" Honey?

There are many occasions when I am polled

by my straight friends and colleagues about gay topics that they do not understand or just have no knowledge about and since I am one of those chatty open book kind of bears it happens quite often. The pop quiz for today was about "gay money".  Someone asked me what it was because they received a call from someone looking for a gay mortgage person and some time during the conversation used the term gay money.

So here is the T on gay money. We do not have our own currency. Gay money is just regular old money and some people use the term gay money to refer to a gay persons money.  It's like when we hear "shop local" to keep the money in our community. Some people want their hard earned gay money to go to another hard working gay person to keep the money in the community. The other side to that is knowing that the person you are working with understands you and you can be comfortable with them. My gay customers know that they do not have to edit their words around me or feel the need to pretend they are "friends" or "roommates". I know the T and it makes for a more pleasant all around gay real estate transaction for them.

This particular person came at me with "It's

Steering". No. No, it's not. Steering is when people of a protected class are directed to purchase or live in a neighborhood with people who are primarily of the same class. Steering has nothing to do with how or why someone uses a particular real estate professional. Realtors and mortgage people are not protected classes. Steering is a discriminatory act by a licensed professional and is punishable by law. That is not the case with a non licensed home buyer choosing a gay realtor because they are more comfortable with a gay realtor. When people contact me and their primary language is Spanish, I refer them to a Spanish speaking agent who can help them to understand the contract and real estate process better then I can.

So there you have it. Gay Money is just keeping the money in the community by supporting gay owned and operated businesses or business professionals. If you or someone you know is in need of a gay real estate professional, contact me and fill out my brief online form and ask any questions you have. I will reply within 24 hours.

written by Michael J. Gallo