Tuesday, May 11, 2010

Is a contract legally binding to a married couple if only one person has signed it?

My husband %26amp; I am buying property. He couldn't make it to sign on the same day as me. So, I have signed the contract, but he hasn't. We have also paid some money down. Could I get it back since he hasn't signed it too?Is a contract legally binding to a married couple if only one person has signed it?
It depends on how the title to the property is held. If in joint tenancy, BOTH signatures are required. Otherwise -- that can get iffy, so ask your lawyer!Is a contract legally binding to a married couple if only one person has signed it?
the Asker only put a deposit down on the property, they did not buy it yet/close escrow. so there is no title held yet. Title is when the property goes thru the entire process and is actually purchased. putting a down payment down on property, yes, you can get out of a contract like that.

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If the contract is made out in both person names and only one signs , it would not be complete. If the offer was only made out in your name and accepted then you have to move ahead with it. If there are conditions to be met like a mortgage , home inspection etc maybe you can get out of the contract by not being able to complete the conditions.
If there is a loan on the home and it is going through an escrow. Both husband and wife must sign the loan documents and they also must be notarized.


I would also advise you to have a real estate attorney look over the loan documents before you sign an thing.


Also you must be advised from your lender that you have 72 hours to back out.
I would say yes, the contract is legally binding even though only one of you signed. do you know what happens if one spouse rings up bill credit card bills on his own? both husband/wife are responsible. if one causes a car accident? both of your earnings can be taken. you might be able to get money back for some other reason, you should try.

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