House Hunting - Any Advice

iVillage Member
Registered: 03-31-2003
House Hunting - Any Advice
6
Tue, 09-28-2004 - 1:52pm
Hi,

I posted here last year sometime, and have occasionall lurked since then. I think this is a great board, very friendly & welcoming.

My gf and I are currently lving in nortehrn VA and have decided the time has come to buy a house together. We are finishing up the pre-qualification and are starting the house-hunting. My question has to do with the legal issues of buying. Is there anything special we need to do to protect ourselves? We are both first-time buyers and are pretty clueless... Any advice or suggestions?

thanks

iVillage Member
Registered: 09-28-2004
Tue, 09-28-2004 - 8:52pm
Hey tmunky:

Congrats on deciding to get a house together. Our house is in my partner's name but we are looking into putting my name on the legal papers too. I don't know terribly much about it but if you are both on the ownership papers and if you get the lawyer to have the surviving partner be the one who gets the house (versus each of your halves going to your parents or someone) then you should be okay. But double check me on this!

iVillage Member
Registered: 03-19-2003
Tue, 09-28-2004 - 10:50pm

Hi Tmunky and Welcome back!

Avatar for tookie12
iVillage Member
Registered: 03-25-2003
Wed, 09-29-2004 - 8:29am
If you want the house to be transfered directly to your partner and visa versa upon death you should hold it as "Joint Tenants with Right of Survivorship" This way it does not go through Probate and can not be fought if a relative becomes disgruntled. If you hold it "Joint Tenants in Common" you each own half the house and upon death you would have to buy out your partners half but that WOULD go through the probate court and the process can take time....sometimes years....and your partner could leave her half to some besides you.

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iVillage Member
Registered: 03-31-2003
Wed, 09-29-2004 - 9:40am
Thanks, That's exactly the kind of info I was looking for. We will both be on the papers since we need each other financially to afford the house. As much as I would like to pretend...I am not independently wealthy :)


iVillage Member
Registered: 03-19-2003
Wed, 09-29-2004 - 10:02am

Wow Soozi!

iVillage Member
Registered: 10-08-2003
Wed, 09-29-2004 - 10:45am

I'm glad you got the suggestions you needed ~ this is such a smart board! I just wanted to say congrats on your first house, that must be SO exciting! :)


Hugs!


~C