If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!
Marianne Jones, a mortgage lender in the business for THIRTY EIGHT years, gets real & raw regarding the reality of buying a home with a significant other prior to marriage.
To be more specific, we talked all about the legality of purchasing a house with a significant other before being married - and that includes being engaged!
We discuss the risks of purchasing a home together without doing your due diligence, as well as the steps that Marianne believes we should take in order to be well educated and prepared. All of this advice is for anybody buying property, preceding the act of signing a contract of sale with a boyfriend or girlfriend, before being legally married.
Take out your pen and paper, ladies and gents, (or the notes app on your phone), because this is something you'll want to turn back to when the time is right.
Links: @mariannejones_grarate // @seasyourhome /// @spirituallynutritious
-Definitions from Google-
Martial property: "In New Jersey, just about any items that are obtained during the course of the marriage are considered marital property. ... Even if certain items acquired after the marriage have only one spouse's name on the title, a court typically still considers it marital property."
Title: "Title refers to a document that lists the legal owner of a piece of property. Titles can be issued to depict ownership of both personal and real property. The different types of real estate title are joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property."
Deed: "A legal document that is signed and delivered, especially one regarding the ownership of property or legal rights."
Note: "A real estate note or promissory note is a promise to pay a certain amount of money for a set time to purchase a piece of real estate. It essentially is a contract between the lender and borrower for a real estate transaction."
Mortgage: "A mortgage is a loan typically used to buy a home or other piece of real estate for which that property then serves as collateral."
Equitable distribution: "Equitable distribution is a legal theory whereby marital property is distributed equitably in a divorce proceeding. Property assets are classified as either separate property or marital property. ... If willing and without dispute, parties to a divorce can decide how to allocate assets and debts without a third party."
Marianne Jones
VP of Mortgage Lending
Guaranteed Rate Affinity
Marianne.Jones@grarate.com
grarate.com/MarianneJones
Cell 973.722.1173 - f: 669.221.6877
106A E Main St, Mendham, NJ, 07945
NMLS ID: 65355