Living in the wonderful neighborhood of Windermere is the dream of many people and for good reason. It’s a great place to live, work, and play, close to the exciting attractions Orlando is famous for, along with some nearby recreational opportunities. Just to the east is Bill Frederick Park on Turkey Lake, and immediately surrounding Windermere are Lake Down, Lake Crescent, Lake Butler, and Lake Bessie. Just a short drive to the north is West Orange Dog Park. Add to it a new performing arts center scheduled to open in November of this year, and you’ve got one of the best places to call home on the sunshine peninsula.
When it comes time to purchase a property, it comes time to deal with reality. The fact is, same sex couples face a whole different set of challenges in owning real estate, so let’s take a look at what you ought to do to get your legal affairs in order for the most protection.
Thinking About the Future
One problem same-sex couples make is not to plan for the future. Truth be told, no matter who the couple is or where they reside, this is the bane of the legal and financial services worlds. There’s nothing more frustrating than to try and rectify and balance the law with a person’s intent, and with the “rules” of the financial industry.
Same-sex couples often jump through legal hoops when dealing with their joint finances — and owning real estate is no exception. Now that the Supreme Court has struck down the law that defines marriage as the legal union between a man and a woman, some, but not all, of these obstacles may be removed. —Bankrate.com
Though federal law has changed, it doesn’t change every state’s law, nor does it do anything to administrative law–like the rules of the IRS. This means that everything should be set up to protect you and your partner, not only as a couple, but as individuals. Simply put, you want any transitional period, be it break-up or death not to open up a can of worms.
Getting the Legal Protections Right when Purchasing a Home in Windermere
When you and your partner purchase a home, you’ll want to title it so that each person has ownership. You can have one person holds title as the “sole owner”, both named in title as “joint tenants,” or, you can title the property as “tenants in common”. The first option is probably not the smartest, and the remaining two depend largely on your preferences. Speak with a real estate attorney to learn the pros and cons of each and which best suits you as a couple; and, as individuals.
Next, do yourself a huge favor and get a will, and purchase life insurance. You don’t want to leave your partner with a whole host of problems both legal and financial. Last but not least, when April 15th begins to approach after you’ve purchased a home, go to a licensed professional to avoid any unpleasant surprises as well as take advantage of any deductions and credits.
If you’re looking for a home in Windermere and need an experienced agent to help you find the right property and get you in touch with the right legal professional, I’m here to help. Phone me now for a free consultation and together, we’ll find the perfect property that includes all your must-haves and is within your budget.