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Friday, July 20, 2007

Are You Single or Unmarried? Bizarro World Real Estate Paperwork

There are few strange legal terms about real estate that everyone should know.

Before you buy tax defaulted property like I'm considering or any other property, you must know how how it will be vested. That's just the legalese way of properly listing the owner of the property. This is beyond your name. It has to do with how the property will be treated later on. Should you pass away, or if you are married and later divorce, or marry but still want to retain sole property rights.

In real estate, you can purchase property as a business--but there are many kinds of businesses. Considering our status as Savvy Singles, we night be interested in buying property for ourselves. On your forms, you will mark that you are a Single Man or a Single Woman. If you marry, you will never be single again--at least according to the law. If you are single again after a divorce, you are either an unmarried man or an unmarried woman. If your spouse passed away, you are a widower (man) or widow (woman). A married man or woman can either buy property alone or share ownership with their husband or wife. An old family friend lost her house to her second husband after her second marriage failed. (I won't go into the details, but it's best not to be too judgmental.) If you buy property with friends, that could be a really big mess, but there are ways of doing that also. I will save that for another post. END

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