Need some advice on how to handle couple's with pre-nups and purchasing homes.

I currently have a customer who has a pre-nup with their current spouse (will call him Desi and her Lucy). This person is afraid to make an offer b/c of this document. Their funds are totally separate.

It's a strange situation since, even though there is a pre-nup, Desi would like (in the event that he passes away) that Lucy get's the house free and clear which is kind of him since it is his wife (life insurance comes into play), however Desi does not want her name on the said offer, contract, or mortgage.

I suppose that is OK until a mortgage comes into play.  While in a recent other transaction that also involved a pre-nup, the husband just had to sign and acknowledge that the wife had the mortgage, he did not have to be a party to the mortgage.

My recent closed deal involving the pre-nup was not an issue.  These current customer's are fantastic people as well, they just have many questions as to how this works.

I did not think that there were any other issues than the acknowledgement of a mortgage if there is one.

Anyone have any links or documents on how this works? And if there are any other issues that would be of concern?

Thank you in advance for your help.

http://www.KarenMonsour.com, 954-464-4194 cell.

 

 
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10 Comments on Pre-nuptual agreements and the conditions on offer's to buy.

AUG
23
2008
121,395 Points Localism Sponsor Outside Blog

Karen, I haven't experienced this situation before. I'd be interested in the answer to this question though...good info to have.

Desi & Lucy. You crack me up! lol

7:33pm • #1
285,126 Points 13 Featured Posts Outside Blog

Hey, they were the first names that crossed my mind after John and Mary...and well, that just didn't work! LOL

I see you are having as much fun as I am this fine Saturday night...LOL

7:39pm • #2
AUG
24
2008
167,315 Points 12 Featured Posts Outside Blog

Hi Karen, I have seen this before. Do you have a good attorney that can help you?

10:05am • #4

Karen- I know many states have many differences on RE Law, so check with an RE Attorney would be your best bet... That being said, here in MI the wife does not have to be on the mortgage, or anything like that but does have to be on title. Not sure if this is any different if there is a pre-nup but if memory serves me correct it doesn't matter the wife has to be on title, however the husband is not required to be on anything not even title lol

12:43pm • #5
8 Featured Posts

Karen~Interesting topic...would love to see more responses that can be used...it's Sunday night here and it's the first night I've been on the computer since T.S. Fay...three rooms in my house have water in them...my office is in my dining room now and my master has commerical floor fans that make it sound like an airport...just haven't found the energy or creativity to write a post for five days...hoping to get back on track tomorrow.

6:48pm • #6
285,126 Points 13 Featured Posts Outside Blog

WOW, La Shawn, I totally understand...we didn't have that much rain to cause those types of issues...I feel for you!  K

8:57pm • #7
AUG
25
2008
358,858 Points 22 Featured Posts Localism Sponsor Outside Blog

I'm old fashioned.  I think that you get married or you dont....and that coming from me, an attorney.  Planing marriage with an exit strategy is really not planning a marriage at all.  I digress...but that's my beef of the day.

9:29am • #8

Larry- I totally agree with you... What is the point in getting married if your planning your exit strategy before the wedding lol But at the same time I can understand having one since there are so many gold diggers out there (men and women both). I guess I am lucky enough to not have enough to worry about having to have a pre nup LOL... Heck 2 weeks after me and my fiancee got together I totalled my vehicle and decided not to buy another personal vehicle for almost a year... and she stayed with me lol

7:09pm • #9
AUG
28
2008
1 Featured Post

 OK dont' have a clue sounds like an attorney phone call is in order .

How about this ? what happens if 2 people buy a house , one is on the note and loan appication  ( mortgage )  and the other is only on the title.

In case the loan defaults do both people get their credit messed up ? or just the one that is on the note.

1:27am • #10

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Karen Monsour,REALTOR® Broward,Palm Beach,Miami/Dade! 954-464-4194 anytime!

Fort Lauderdale, FL

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Coldwell Banker Fort Lauderdale Beach

Address: 4757 N. Ocean Blvd, Fort Lauderdale, FL , 33308

Office Phone: (954) 781-9393

Cell Phone: (954) 464-4194

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