I cannot find the answer to this under the search tab:
Scenerio 1: Husband and wife are living in the matrimonial home, but wife is not on title. If they decide to sell the house, does the wife need to sign the Purchase Agreement?
Scenerio 2: Matrimonial home is vacant and husband and wife are separated or getting a divorce. Husband wants to sell and wife is not on title. They are not speaking to each other. Can he sell without her signature or does he have to wait to see the conditions of the separation agreement or divorce decree?
Takes one to buy and two to sell. While state specific as to interests, the general requirement is that a married person not on title still has a marital interest as separate property as the asset may have been comingled with joint assets or granting or establishing an equitable interest in the property.
For example, I inherit a property from my family, this is separate property, I rent it, but I place the income into our joint account, I have comingled assets that may not allow me to claim that property as my separate property after I deposited funds, and my wife would then have a financial interest in that rental. So, the rule "takes one to buy two to sell" should be followed, you never know if claims could be made, easier to get both to sign the first time.
When one party refuses to sell, look up "patrician of property" a suit filed to force sale.
If one was not on title and refuses to sell and it is required for title insurance, you may need to head to court, that or if divorcing, that becomes a matter of the divorce, the court may order a sale.
Best thing in a divorce situation is wait until the divorce is over!
It's not that one gives consent, they may sign the sale agreement, could sign the deed, but what they may also be required, instead, is to sign a wavier of marital interests. :)
@Bill Gulley thanks.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.