Women’s equality and empowerment are fundamental goals for a modern society. Sadly, in many places, women have less access to financial resources and opportunities to develop their skills. FIDA Cameroon – a non-governmental organization that seeks to promote human rights and legal education – has been doing incredible work to improve the lives of women and young girls in Cameroon by providing them with legal education and assistance. One of the most significant steps toward equality is ensuring that women have the same control over property, assets, and funds as men-and in this article, we will dive deeper into how knowledge of real estate agreements can empower women.
Whether you’re a first-time homebuyer, investment property hunter, or seasoned real estate mogul, understanding the real estate purchase contract is a crucial step in closing a property deal. For advocates of women’s rights, such as FIDA Cameroon, this can enhance their outreach efforts by allowing them to address issues related to property ownership and women’s empowerment in their society. FIDA’s mission of spreading knowledge and information on justice issues is directly aligned with the aim of spreading information and knowledge to the communities they serve. After all, what’s more powerful than knowledge? The fact is that knowledge is power, and this is especially true in the context of legal contracts and real estate purchases, where the purchase agreement is the key to the specific rights and obligations of the buyer, seller, and possibly the real estate agent. It basically governs the property transaction.
So why is familiarity with purchasing a house or other real estate asset important for women? Well, for one, purchasing a home or another real estate asset is a substantial investment, which will affect one’s quality of life for many years to come. The process is complex, and without the right information or guidance, it can be easy to make decisions or sign contracts one may later regret. In addition, many women don’t have the level of knowledge or understanding of such agreements as their male counterparts, and learning more about real estate purchase contracts can help narrow the gap and empower more women to take charge of their own financial future. In fact, real estate is one of the best ways to build generational wealth. Unfortunately, various barriers have limited women’s use of real estate to achieve financial independence, but according to the National Association of Realtors, women are represented as 18% of real estate investors. While this is a lower figure than men, it’s still a large proportion, and it shows that the tide is turning for more and more female investors in real estate.
The benefits of home ownership or real estate investment are incredible. Aside from the mere pleasure of living in your own home, a large number of cities still have homes that are much cheaper than renting, which is an additional great benefit of home ownership. Not to mention, real estate appreciation and net worth growth that properties bring with them over time as well as the opportunity to modify, renovate, and improve the property according to your tastes. The tax deductions and credits available to certain real estate owners are additional benefits to consider (especially in regards to investment properties). Moreover, property owners see a 44% increase in net worth as opposed to renters.
While investing in real estate and home ownership may be attainable in some countries, the reality is that it may be hard for some women to be the only decision-makers on the purchase of a home. Why is this? Often times, it takes two to purchase a home, since many lenders may not provide a loan or mortgage to a single person. This can play a role in limiting women’s ability to make autonomous decisions when it comes to purchasing real estate. In addition, women may face other challenges in their societies or cultures that make it awkward or impractical for them to challenge a system traditionally dominated by men. The unfortunate consequence is that a woman may not have the same control or stake in a home purchased by a husband and wife, likely leaving her at a disadvantage in case of a divorce or other marital issues.
In Cameroon, if a woman wants to purchase a house or other real estate outside of the country, she faces additional challenges sometimes not applicable to men. A woman must get the consent of her husband, as some provisions under the civil code of Cameroon require that the husband has the authority to manage the family needs, including finances, unless he gives his consent otherwise. These provisions have been the subject of criticism and condemnation by the civil society and have been highlighted in the context of its conflict with women empowerment policies. Over the last few decades, however, there has been a progressive shift towards gender equality and women empowerment in Cameroon by the government and civil societies, including recognition of women’s right to administer properties without their husband’s consent. Still, the reality is that some limitations on women remain, and this can sometimes make things difficult when it comes to purchasing a home or another real estate asset.
In California, if you have an interest in purchasing real estate, one of the issues you will need to decide on is whether to get divorced before you purchase the property (also known as pre-marital property), or to buy the property before any kind of separation. In most cases, the latter option may not be favorable because it is important to know how the real property is to be owned upon purchase. The primary forms of ownership recognized in California are joint tenancy (merging of interests and right of survivorship), tenancy in common (undivided interest, no right of priority, and no right of survivorship), community property, and community property with right of survivorship. The formed of ownership chosen can affect the rights and obligations of the property owners, especially during a divorce, and it will be important to discuss the options with an attorney.
For young women, this applies as well. As they begin to consider purchasing real estate, it is important to understand the implications behind each choice, and how certain options may limit their ability to make choices and decisions at a future time. For example, what happens if one spouse unexpectedly dies, or in the case of a divorce, what happens to the property?
Knowing the answers to these questions and being able to advocate for oneself is crucial, and real estate purchase contracts can show the way.
Luckily, NGOs such as FIDA Cameroon seek to educate women about such issues, and they offer holistic assistance to women and families from all walks of life. Moreover, real estate agents and other real estate professionals can also play a role in empowering women by educating them about the property purchase process and contracts, which can put them on equal footing with male parties involved in the transaction. Knowledge about legal contracts is one of the best tools for advocates such as FIDA Cameroon and others supporting the cause of women’s empowerment, since it can aid both in ending the inequality between men and women, and in making women more aware of their rights and abilities to seek beneficial transactions, and ultimately increase the number of women working in real estate and property buying and selling across the world.
While women around the world have made incredible steps to establish themselves in the real estate field, much work still needs to be done. It is crucial that organizations such as FIDA Cameroon continue this work to promote the values of equality, independence, and stability in both real estate and life for women and girls. As the saying goes, “knowledge is power.”