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I didn't want to hi-jack another thread (Cost of Lawyers) but the subject of your spouse"s name on a deed in NC came up. This is an interesting subject especially for a real estate investor.
The first time I sold a house in Charlotte the lawyer called me up one or two days before closing and asked "Are you married?" I said -none of your business. He said well you can't sell your house without your wife's permission. I said this has nothing to do with my wife- it's my business and my money along with the money of my brother who lives in SC.
My lawyer said well we'll have to get a POA and an affidafit from him too!
So this was my first experience with this law.
Anybody like to share the history of this law? Am I the only one that didn't know about this law? Duh.
John
It is to protect people from having their home sold out from under them w/o their knowledge. Do not know the history, but am sure that is the reasoning behind it, LOL.
Yeah this is a weird law, I used to write mortgages in Michigan. If a man has a house and tries to sell or refinance it, his wife has to sign off on it. It does not matter if you had the house before you got married or not. The funny thing is if a woman has a house in her name and then gets married she can sell it or refinance it without the husband knowing....is that screwed up or what????? But its the law. Sorry man there is no way of getting by this.....if your married and selling, she has to sign off on it.
Yeah this is a weird law, I used to write mortgages in Michigan. If a man has a house and tries to sell or refinance it, his wife has to sign off on it. It does not matter if you had the house before you got married or not. The funny thing is if a woman has a house in her name and then gets married she can sell it or refinance it without the husband knowing....is that screwed up or what????? But its the law. Sorry man there is no way of getting by this.....if your married and selling, she has to sign off on it.
I didn't want to hi-jack another thread (Cost of Lawyers) but the subject of your spouse"s name on a deed in NC came up. This is an interesting subject especially for a real estate investor.
The first time I sold a house in Charlotte the lawyer called me up one or two days before closing and asked "Are you married?" I said -none of your business. He said well you can't sell your house without your wife's permission. I said this has nothing to do with my wife- it's my business and my money along with the money of my brother who lives in SC.
My lawyer said well we'll have to get a POA and an affidafit from him too!
So this was my first experience with this law.
Anybody like to share the history of this law? Am I the only one that didn't know about this law? Duh.
John
In NC if John owns property before he marries Jane he owns property "by the entirety". The day he marries Jane, Jane gets "marital rights" and while John still owns the property he can no longer sell it without Jane's signature on the deed - the lawyer gave you accurate info. Not sure of the history.
There was a case some years ago in New Orleans when a man hired a woman to pretend to be his wife and go into the bank to sign off on the sale of the house. It sold. She was screwed. He is in jail.
No wonder my MIL is concerned about her son's investments! they live in MI and she has mentioned it a few times.
Mind you, she should be concerned....DH and I are the only ones who still are married after 13 years!!!!
Dawn
Quote:
Originally Posted by bumper repair man
Yeah this is a weird law, I used to write mortgages in Michigan. If a man has a house and tries to sell or refinance it, his wife has to sign off on it. It does not matter if you had the house before you got married or not. The funny thing is if a woman has a house in her name and then gets married she can sell it or refinance it without the husband knowing....is that screwed up or what????? But its the law. Sorry man there is no way of getting by this.....if your married and selling, she has to sign off on it.
"Are you currently married, or have you been married at any time since you owned this property?"
The classic question all licensed agents in NC are taught to ask prior to taking a listing.
"One to Buy, Two to Sell" is indeeed the rule.
The spouse, of either gender, generally has an interest in the property, whether on the deed or not.
Suppose one spouse diverted common funds to make the investment, or to amortize the investment, and wanted to cash in without telling the other?
Etc.
Suppositions to support the law run on and on. A good real estate attorney could tell you the reason for the law and illustrate with really gory examples of the need for the law.
"Are you currently married, or have you been married at any time since you owned this property?"
The classic question all licensed agents in NC are taught to ask prior to taking a listing.
"One to Buy, Two to Sell" is indeeed the rule.
The spouse, of either gender, generally has an interest in the property, whether on the deed or not.
Suppose one spouse diverted common funds to make the investment, or to amortize the investment, and wanted to cash in without telling the other?
Etc.
Suppositions to support the law run on and on. A good real estate attorney could tell you the reason for the law and illustrate with really gory examples of the need for the law.
OK I see your point. Now suppose one spouse didn't divert funds but inherited the funds, or acquired the funds in some way where they were earmarked for him and him only. Now suppose those funds were to be shared with his brother and only with his brother. Now suppose those 2 brothers form a corporation with the funds and the sole purpose is to buy real estate and suppose they are the only 2 stock holders.
Question:What will "a good real estate attorney tell me about the law?" I don't mean to be a wise guy---only looking to see why this law may apply, or why it would be applicable in the senario I described above.
BTW--There are no "real gory" things going on here. Both spouses were glad to sign because--Hey more money in their little hands ...right?
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