QUESTION
do I need a legal document written up?
Asked on Feb 08th, 2017 on Residential Real Estate - Pennsylvania
More details to this question:
My husband and I bought our home w no mortgage. We paid in full cash. Currently my husband and I are seperated, we have a verbal agreement that w the sell of said property he would have no interest in the proceeds from selling it, as he is on the deed. I intend to purchase a new home from the money I make on my home, moving is contingent on the sell of my current home. When closing on this home I was hopeful that I would directly go to another settlement for the home I intend to buy. Now the realtor I deal w has asked the title company how it works w my husband on the deed of my house. The realtor came back saying that the people I purchase the new home from is going to want to see verifiable funds- which would come directly from the sell of my home. They are literally getting ( in theory, cash), why would they care if they see that my current house has no mortgage and I am taking the proceeds from it to pay for their house. The only issue is having my husband on my home.
1 ANSWER
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I'm not certain I understand what it is that you're asking here but it sounds like you have an agreement or at least have offered to purchase a new home and the sellers want some reassurance that you have the financial wherewithall to close on the purchase. It's not unusual in that situation for the seller to ask to see proof that you have the cash. From their perspective, without that assurance they are unwilling to tie up their home on a contract (and take it off the market) on a deal that they're not certain will happen. If you're asking a question about how your husband is involved or your deal with him on your current home, I don't know what you're asking. You should retain an attorney to assist you with both transactions. You'll be paying a settlement company to provide services to you for both deals and an attorney would charge you about the same price. Why not get an attorney involved for you so you can have the advice and counsel?
Answered on Feb 08th, 2017 at 6:41 AM