Property Love Quiz: In Love, w Property, State Law, All 3?
1. Do U love the person U say “I Do” to? 2. Do U love state law? 3. Do U love your property? If U R in Love (married or not), a Buyer, a Realtor, watch Professor Real Estate®TV Love + Property Lesson! Some people are surprised that when you say “I Do” you say “I Do” to state law governing what happens to your property if you divorce. It governs unless you entered into another agreement. Click to learn more!
There is Hope – Read Below if U are in Love (married or unmarried), a Buyer or a Realtor/Broker:
* In Love + Want to Say” I Do” (get married) Don’t worry, you can still do it! First, get to know your state law so you understand what it might mean about property. Second, most states allow people who are going to marry to enter into agreements about how property will be owned and maintained if they split up. Entering into these types of agreements may give you clarity, save you legal headaches and expenses in the future and make everything more clear.
* In Love/Not Married + Want to Leave Property to Another Person. Don’t worry, you can still do it! First, be aware that state law still may come into play if you pass away. Second, talk to lawyer and find out the ways to make sure that your property goes to your lover or friend if you were to pass away.
*Buyer. You may find a deal (or even a steal) if you learn a property is being sold because of an end of a relationship (whether a divorce, death or end of a business)
* Realtor/Broker. You may be able to help someone sell their property when a relationship ends. Most likely, your help will mean a lot because the Seller may not be experienced in real estate and may want to sell fast to forget memories or to satisfy (pay off) a court order or property partition decree.
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Also, contact Hollander Realty, LLC, Lic. Real Estate Broker, for purchases and sales of property – services delivered in a confidential professional business manner.
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Disclaimer: Professor Real Estate® written materials apply generally to real estate subjects and are not intended to apply to specific legal issues.
Copyright Professor Real Estate® Suzanne Hollander 2014.
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