The Supreme Court’s Defense of Marriage Act decision is going to change real estate and mortgage lending. More people are going to come into the marketplace as buyers and borrowers, and that will be good for everyone.
The point is very simple: For generations an unknown number of people have not entered the real estate marketplace as buyers or borrowers because the barriers were complex and costly.
In contrast, when my wife and I buy property as a married couple, we buy as a “tenancy by the entireties.” We each have a 100-percent interest in the property — if one of us dies the property automatically belongs to the other. There is no transfer tax or inheritance tax because each spouse already owned 100-percent of the property.
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