Buying a home in Orlando?
Buying a home is one of the biggest purchases most of us will ever make.  While it is an exciting time, it can also be stressful.  The needs of Gay and Lesbian buyers and sellers are no different from those of straight couples, but they do sometimes present a few obstacles that need to be avoided. Most of those issues are not with the home itself, but with financing and in taking title.  Since we do not have the same benefits of marriage, it is important that you protect your purchase in other ways.  It may sound complicated, but it not hard to do!  A good REALTOR® will know the pitfalls to avoid when making your purchase.  You should know that real estate laws and procedures can vary from state to state.  In Orlando, most properties are closed by using a title company instead of an attorney and many buyers choose to work with a mortgage broker to get the best possible deal on a mortgage.  We asked a couple of local Real Estate professionals to give advice on what to expect when buying a home in Orlando, and how to do it! Below you will hear from a local Title Company and a Mortgage Broker.  Our charter member, David Dorman of CENTURY 21, has taken the time to put these folks together to assist and educate our Gay and Lesbian buyers.  

Buying a Home:  Finding just the right place to call home is a lot easier these days!  With all of the resources one has, such as the internet and print advertising, anyone can find a home.  The problem is finding the right home in the right location!  That’s where a REALTOR® can be quite useful!  They can help you identify areas that meet your needs, and also tailor searches to provide you homes that are best suited to you.  You will find that when you work with a good REALTOR®, they will begin to know what you respond to and can zoom in on the perfect place.  A lot of buyers drive around the area and call directly from the “For Sale” sign and end up wasting a lot of time driving around and looking at the wrong homes. Using a REALTOR® does not cost you anything as a buyer.  It can in fact SAVE you money.  They have negotiating skills, know the market values and can help you avoid paying too much for a home.  Their job is to help you avoid the legal pitfalls when buying a home and help keep the timeline intact for a successful closing.  A good agent will have a network of people that they work with that can help you with the different phases of a purchase, all the way to the closing table!  Here in Orlando, REALTOR® David Dorman, has been assisting Gay and Lesbian buyers and sellers realize their dream of home ownership. He understands their needs and goals. David can be reached at David@DavidDorman.com or on the web at WWW.DavidDorman.com.

Getting Financing: Securing a mortgage with your partner is actually not that different than a straight couple or two, three or more friends or business partners getting a
mortgage together. Without the protection of marriage benefits, you may want to take further steps to protect your investment. Your lender should be able to point you in the right direction to ensure you have covered all your bases.

But what about……? You can both be on the mortgage and deed. If only using one person’s credit helps to qualify you for a better loan or qualify you at all, the loan can be in that one’s name only, but the title can be in both names if you like. There are different ways to structure the loan and the title.

Credit issues?  Do you need to improve your credit before applying for a mortgage? Your lender should be more than willing to provide credit counseling and take the steps that are necessary to prepare you to qualify for a mortgage. No matter what the timeline is. However, you must be willing to do the work.

Uncomfortable? Many people from the Gay and Lesbian community prefer to speak with a Gay or Lesbian mortgage consultant because they simply feel more comfortable talking about their situation with someone that can relate to their lifestyle and sexual orientation. Keeping business “in the family” also seems to be of concern.

Mortgage consultant Bobby Bonin has worked with many couples and individuals from the GLBT community in the Orlando area and has the resources and contacts of many other Gay and Lesbian professionals that you may need the services of such as attorneys and insurance agents. You can contact him @ 407-782-7484 or rsbonin@village-financial.com .

Getting the Deed:  How to take title to a property is a significant decision that needs to be made and has special ramifications to our community. If the deed has two people vested and does not specify any further, Florida Law assumes it to be as Tenants in Common. This means each person would own 50% and in the event of death, their portion passes to their estate.
Since Florida does not recognize domestic partnerships or marriages, even if legal in another state, buyers may vest title "as joint tenants with right of survivorship" This will vest automatically the surviving person to the property without the need to probate an estate.
Another consideration would be to have a partnership agreement executed at or prior to closing to determine how the property will be settled in the event of disagreement or breakup. The parties agree up front as to buy out and liquidation procedures. The agreement will also state each parties financial and non-financial responsibilities.
 Barry L. Miller is an attorney specializing in Real Estate Law and President to The Closing Agent, Inc. , a full service title and escrow company with offices in Orlando, Windermere and Lake Mary.  You can contact him at Barry@TheClosingAgent.com

go home | go travel | go classifieds | go out | go local | go shop| go store | go chat | go sports

go member |contact us | links | advertise

For information about other Gay Florida cities visit GayFlorida.com

For information about Gay Days visit GayDayS.com

©2006 GayOrlando.com