Question: There has been much discussion regarding gay marriages. If civil unions or something similar become legal how will they impact real estate brokerage?
Answer: Real estate brokerage can generally be seen as the practice of representing another party for a fee. Whether that "party" is a married couple, one individual, several individuals or a partnership, trust or corporation, state laws typically require that brokers serve all parties to a transaction fairly.
Civil unions have been legal in some US states for years and brokers have long sold property to and for one or more unmarried individuals. As broker defense attorney and risk reduction expert points out, "In more than 20 years of practice representing real estate professionals, I cannot recall any instance where one of my broker clients has ever called concerning transactional problems that have arisen simply from the fact that a client is gay."
Within the real estate transaction process a central question concerns the matter of title. Brokers must have the signature of all property owners on a listing agreement to sell a property and on a purchase offer to buy a property.
As to how title is held, taxes, wills, living wills, estates, probate, insurance and such, these are matters individuals must review with attorneys, tax professionals and other specialists as appropriate.
