The recent decision of the US Supreme Court has tremendous repercussions on the social, cultural and even economic dimension of the country. While others still reverberate, a recent report from forbes.com, the effects can literally shake the foundations of one specific industry, the housing market.
One of the major changes, as a consequence of the ruling is in the property relations between individuals formerly unable to marry and now have the right to marry. In a report from bankrate.com, many states where same sex marriages were unrecognized were left to decide which type of ownership they would have as a couple. The first one was joint rights of tenancy with survivorship, while the second one is tenancy in common.
In joint rights of tenancy with survivorship, when one of the partners passes away, the surviving partner would become full owner of the property shared. On the other hand, in tenancy in common relationships, each partner would have an equal share over the property and upon death of one partner, the share of the deceased would revert to the deceased's heirs.
Now, according to some legal experts, the Supreme Court ruling would change this and would allow same sex couples the right to tenancy by the entirety. This kind of ownership affords more protection to the property and the owners.
According to Elizabeth F. Shwartz PA managing partner Elizabeth Schwartz, "When marriage equality passed in Florida back in January, the requests to retitle properties started flowing in. I'm glad legally married same-sex couples can avail themselves of this advantageous form of ownership."
With the LGBT community having a strong financial base and large market presence, as well as more than average purchasing power, this decision can prove to be another driver in the recovery and redevelopment of the housing market in the United States for the long term.
