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With Tenants in Common, there is no limit to the number of people who can hold the title to one piece of real estate.The ownership can be held in equal shares or unequal shares.Upon death, the interest of the deceased co-tenant passes to the co-tenant’s heirs or whoever is designated in the person’s will.To dissolve a Tenants in Common agreement, one or more tenants can always buy out the other tenants.And if one partner does want to stay, that person needs to qualify for a new mortgage.Tenants in Common This is another way that a property can be owned by two or more individuals.With a husband and wife, the bank pulls credit on both.

This can help you to streamline any issues that might prevent you from jumping on a dream home.

This guide is NOT a substitute for specific, tailored advice from a licensed attorney.

Having a real estate lawyer who is knowledgeable about same-sex issues is essential.

This guide will help to explain the different approaches that same-sex couples can take to getting a mortgage, establishing ownership of a home, and creating legal documents that anticipate any legal or property-ownership issues that might occur if the couple breaks up or one partner dies.

After evaluating this document, readers will have a better understanding of: Gay and Lesbian couples are in a unique situation when it comes to mortgages and home purchases.

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