Do I Need a Lawyer To Sell My House Privately In Marriage divorce? Learn what else you need to know about selling property home through divorcing separation Ultimate Guide! If you are going through a divorce and want to get out of your home mortgage we have real estate option for you at Boracina cash home buyer service include free local moving service near you.
Do you need a lawyer to sell your house? Well, that’s sort of a loaded question whenever you ask a lawyer whether you need a lawyer. The big thing with selling a house is if you’re doing it on your own, well, you probably really do need to come see a lawyer to get things started, because it starts with a contract. The contract is a roadmap for the sale of your property and the lawyer can prepare that for you, if you’re doing it on your own, and explain it to you and the terms of it.
Now, if you have a realtor, realtors are authorized to complete simple contracts. There are several forms out there, some of which have been approved by the Florida Bar and the Florida Realtors Association. Those are usually completed, so why would you need a lawyer? Well, number one is you probably don’t really know anything other than what’s in the blanks, like the purchase price, the closing date, show me the money type situation. Well, there’s a lot more in those contracts, and so you may want to confer with an attorney about the what ifs.
What if they don’t close? Well, what if they don’t get their mortgage? How much of the deposit will I get if they don’t close? Do I have to move out before closing? That is why you may want to confer with an attorney, to have him review the contract, to discuss with you what you want to do after the closing, whether or not you should make arrangements to move out and acquire another place to live, whether it’s vacant property, and what your rights are under this particular contract.
So whether you need a lawyer or not depends on your circumstances and how comfortable you are with it. Unfortunately, I see a lot of folks that come to see me after they’ve signed the contract and after they have a huge problem, and then we start reading the provisions of the contract as to what, if any, rights they may have.
What Happens to Your Home When Getting a Divorce! 8 Tips on how to do it
If you have a home and you’re considering getting a divorce, the question eventually is going to arise; what happens to your family home when the divorce is completed and as you’re going through the process? Let’s talk about eight questions that help you gain clarity and gain focus to regain control of your life.
Divorces are really hard on you and also hard on families, and they can also be hard on your real estate. I want you to know upfront that I am not a real estate attorney, nor am I a divorce attorney. The question shared with you in today’s conversation are for you to think about and for you to consider closely with a real estate attorney of your choice and the divorce attorney of your choice.
So let’s talk about eight questions that are going to have to be answered sooner rather than later. The first question is, should you really sell your house? I mean, your life is changing right now and it’s probably feeling like the world’s falling apart around you and the walls are closing in and that’s completely normal in a divorce situation. I truly, truly feel for you and I want you to know something. Everything will get better with time. It’ll get better by putting a plan in motion, and that’s the purpose of these questions.
The first question to really get clear about is should you sell your house? To better help you answer that question, I’m going to give you a few more questions to consider. The first thing to think about is, does it make sense to hold the asset being your property together with your ex? The second thing to think about is, can you afford the mortgage and the maintenance of the house? The third question to think about is, how long would you live in the house if you were to keep the house? The fourth question is, what would you be willing to give up to keep the house?
So you have to explore your needs versus your wants versus the realities of the financial picture whenever you’re considering, what are you going to have to give up to be able to keep the house. The fifth thing to consider is, are you prepared for any tax consequences or implications of keeping the house? Consider the fact that once you get a divorce that you’re going to have new tax liabilities, new tax implications, and new tax consequences. You’ll no longer be filing jointly if you were before. Be sure to chat that over with your tax advisor in addition to your real estate attorney and your divorce attorney.
After exploring the answers to those questions, then the decision really becomes, can you afford the house on your own or do you even want to stay? If the answer to that question is no for both you and the spouse that you’re divorcing, then you’re probably going to be looking at putting your home on the market. Now, the proceeds can be split and divided evenly. Just consider the fact that you’re going to have real estate commissions to pay for, repair costs to pay for, and of course the mortgage payoff amount if you have a mortgage.
The second question is, should you buy out your spouse? This plays out a lot, especially for the parent that has custody of the children. They want their children to be able to continue living in what has become their family home and what they’re already accustomed to. If you’re in the position to buy out, then that is an option for you and you can avoid selling the house, especially if the market is not favorable to selling the house. For more information about this, it would be very wise to contact a family attorney to review your options on how this would work for you.
But third question is, if you choose to sell your house, should you advertise or will it benefit you if you let it be known that you’re getting a divorce? In short, the answer is no, and the reason being is that if a buyer thinks that you have to sell that house to be able to get a divorce, they’re going to think it’s okay to drop their price because they believe that you’re desperate and in a position that you need to get out from underneath the home. So when you put your home on the market, what you want to do is make it look at least for appearances like you both still live there.
Now, whenever I’m talking about that, that means that you would have two toothbrushes in the master bathroom. You would have two towels. You would have two of everything just like you have lived up to that point. It offers no subtle clues to a would-be buyer looking to purchase your home that there’s trouble in paradise. Let’s make sure that we keep everything on the up and up to help you successfully sell your home for the best price possible.
The fourth question is, can you do a deferred sell? Now, what a deferred sell means is if you’re unable to buy out your ex, what you can do is work together, try to negotiate so that you and the kids can stay in the house while the other divorced spouse moves out. Now, this could present inherent issues for the spouse that’s moving out, because they would still be liable for the monthly mortgage along with you based upon the agreements that you and the judge or you and the attorneys have set forth moving forward into the future.
This can become problematic if the divorced spouse decides they want to buy a home. Consider the fact that if they’re still on one mortgage, then they will not be able to buy another what’s called primary residence. They could purchase a home as a second home into the future. Be aware there are pros and cons to each decision. Review your options carefully with a family attorney.
The fifth question to consider is what happens to the mortgage? It’s actually pretty easy to get off of a deed with the county. All one spouse would have to do is say, “Hey, I’m transferring all my ownership rights to spouse A.” In the case that spouse A gets all the ownership rights, now spouse B is no longer on title to that property, but that still leaves the question of what happens to the mortgage. This is where it can get a little bit tricky. Depending on when you bought the house and at what mortgage rates you bought the house, you would have to consider refinancing the mortgage to get one spouse off, assuming that spouse A could qualify.
And depending on what the spouse that wants to keep the property’s income is and whether they can qualify for the new mortgage at the new interest rate will ultimately determine whether this tactic would work. If so, great; then you can go ahead and do a refinance and both spouses can now separate off the mortgage because the property has been refinanced into the spouse keeping the home.
Now, what happens if the spouse that wants to keep the house can’t qualify for the mortgage? That’s a very valid question. What could happen is that the spouse that’s moving out could decide if both of you agree together to wait for the other spouse keeping the property to be able to qualify for the home, with the understanding that the spouse remaining in the property has to qualify for a loan within a certain amount of time acceptable to all parties.
The sixth question is, should you buy a new house? That may or may not be wise depending on the circumstances. It’s also relevant to ask the same question about renovating the current house. Now, here’s the thing and here’s a couple of considerations you’re going to take a very close look at. The first one is, what happens if the spouse that goes and buys a property is doing so before the divorce proceedings have finalized? What could happen is that the spouse that remained in the other property could now claim an interest in that property that the spouse bought in a different state, in a different city, or across town. The point is simple. They could claim interest in that property, so depending on your situation, that may or may not make sense for you.
At the end of the day, an attorney would likely share with you, “Hey, you might want to reconsider that decision,” so be sure to have that conversation with your attorney when you’re thinking about buying a new house. And when it comes to the renovations, make sure that you have a written agreement in place about how much each spouse is paying for those renovations and the date that those payments would become due for the total amount of what was paid into it. As a best practice, consult with an experienced attorney in this matter and review your options carefully with them, even if you got to set two different appointments, one for spouse A and one for spouse B. It’s critically important to ensure everyone is on the same page moving forward.
The seventh question is, what does FLARPL mean? It’s simply an acronym for family law attorney, real estate property lien. Family law attorney, real property lien equals a FLARPL. To better understand what our FLARPL is, a FLARPL is put in place by a spouse that may not have the money on hand to cover the cost of the attorney. They’re allowing that attorney that put a lien against the property, even if the other spouse did not agree or sign to it. It could remain in effect and it can present some issues to both parties moving forward. For more information about how a FLARPL would work and how it would impact you in the future, please consult a family law attorney.
The eighth question is, should you include your kids in the decision-making process? In short, yeah, it’s probably a good idea. I mean, let’s face it; the kids are the ones that are the innocent parties in the situation. They need to know what’s going on. If they’re going to have to be moving from their family home, shouldn’t they know that they might be going to a new school, a new city, or a new state? They probably should. Kids are pretty resilient, so long as they know what’s coming.
They may not like it initially because a lot of kids don’t like change, because they don’t know what change is like. But by sharing this information and talking it through with them, and maintaining civility with your spouse, you guys will be able to have at least a uniform present in front of the kids so that the kids can still see you as what you are; both of their parents.
Let’s make sure that they are well taken care of into the future as you and your spouse figure out the divorce proceedings, the questions to ask that are most important to you of the real estate attorney, the family law attorney if needed, and also your divorce attorney. Make sure that you’re at least ways respectful and considerate of each other. Remember the fact that we are all people and no matter how hard the situation gets, please be kind to each other, especially for the sake of the kids. And if you don’t have kids, then be kind to each other just for this sake of getting through this divorce process together.
Now that you have eight questions to start thinking about prior to your meeting with attorneys, please do make sure that you research good divorce attorneys, family attorneys, and real estate attorneys should each of those specialized attorneys need to be present to assist you through your divorce proceedings. Now that you know more about what happens to your house when you’re getting a divorce, now let’s talk about should you get a prenup, and oh, by the way, it turns out that a post-nup is a thing in case you’re already married. Let’s also take a closer look at the pros and cons of a joint mortgage when buying a house. Looking forward to our next conversation. See you in a few.
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