One More Time… You Do Not Need 20% Down to Buy a HomeThe largest obstacle renters face when planning to buy a home is saving for a down payment. This challenge is amplified by rising rents, which
Sep 4 2018 42084 1
I BOUGHT THE HOUSE BEFORE I WAS MARRIED. WHY DOES MY SPOUSE HAVE TO ATTEND THE CLOSING (OR SIGN)?
Myself, Realtors and title companies get this question all the time. I thought you might like this explanation I sent to someone this week.
By state law in Kentucky, if you buy a property in your sole name, your spouse will instantly have an ownership interest in that property – just by the fact that you are legally married. Names on deeds do not solely determine ownership; names PLUS marital status does. The same is true if you bought the property before you got married – once you marry, the new spouse gains an ownership interest. How much of an ownership interest is dependent upon a variety or factors that an attorney can explain. This ownership interest that your spouse has is called a “marital interest”, or “spousal interest”. If you would unexpectedly die before the property is sold/closed your spouse inherits a portion of your property...that is the interest. Marital rights exist in KY, OH, IN and I believe 20 other states. When a property is sold the current owners sign the deed transferring the property to the buyer AND any spouses of the owners sign the deed transferring the property. Because Kentucky is a marital or "dower" state a spouse has to sign the deed when it is transferred to the new owner to give the buyer a clear or unclouded title. The spouse signs the deed to release their dower interest in the property. Your spouse has to sign OR, you can get a specific power of attorney that is just for the sale of xxxxxxxxxxxx that includes the legal words to release the marital interest. It will be recorded with the deed. It would have to be pretty strongly worded and the title company closing the deal will have to approve it. I'm not an attorney and as such can't provide legal advise. Consult with your attorney or reach out to me for a reference. You can also talk with the attorney at the title company. Legal stuff - I am not an attorney. Myself and my team members do not give legal advice. Please consult with an attorney regarding your individual situation and specific circumstances.
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