Well me and my fiance have applyed to buy a home and land package under both our names, since then he has decieded he wants to go solo on the house and for me to buy my own house, can he cancel our application without my consent?
2007-03-11 15:44:47 · 10 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
We applyed for the loan together and got approved, now he wants the house all to himself and wants me to take my name off and buy my own house.
2007-03-11 15:50:42 · update #1
all loan papers were signed by both or us, we were just waiting for the land titles to come in as we bought in a new estate, they were supposed to come out on the 3 of march but have not come out yet.
2007-03-11 15:52:02 · update #2
Do you mean you both have signed a purchase agreement, then I would say no, he can not back out without the consent of the seller too. If you just qualified to purchase together, yes, he can back out as long as the purchase agreement isn't signed.
2007-03-11 15:49:29 · answer #1 · answered by JAN 7 · 0⤊ 0⤋
Your fiance' cannot remove you from a legal contract without the consent of all parties to the contract which would include the Seller.
You or your fiance can refuse to sign loan docs and the loan will not fund. If your income and credit were necessary for the amount you qualified for, he probably cannot go solo. As long as you have a loan contingency you are contractually protected. You may have trouble getting your deposit back due to the reason the escrow is failing.
My best advice AS A WOMAN is to ditch this guy immediately. If you can qualify for the home on your own, do it. I would NOT under any circumstances put my name on a contract with someone that already wanted me OUT. He could CRY till the cows come home. Be glad you see what he's made of now and not later.
My best advice as a Realtor.....talk to your Realtor immediately. If you don't have one, get your own!
Can you tell this has happened to me???? Guess who owns the house?
I do....
I was broke...he was not. I negotiated a lease option for one year and was able to have it extended twice for consideration. The price was locked, and by the time I actually closed escrow, my home value had doubled. The lady liked me so much, she carried the loan for me so I wouldn't have to worry about qualifying with a bank.
2007-03-11 16:19:03 · answer #2 · answered by carmensellsthehighdesert 3 · 1⤊ 0⤋
I don't know what State you are in. In California there are certain laws that apply and these I know of. An application is nothing but an application either one of you can cancel it. If you buy a home the land is included because that is what is known as real estate. The house without land is personal property. The Land by it's self can only be purchased with cash. The bank never finances land. You can once you buy it take a loan to build on the land and tie the building and the land into the loan. The land becomes collateral.
As far as an application it is meaningless. You have to apply for the financing. If you can get the loan to buy the house then you chose how to take the title. Now if you are married you take title as tenants in common also known as community property. If you buy your land separately then it is your sole property. You take property as unmarried sole property if you are married then you take possession as a married woman's sole property.
To do this he must sign a quit claim deed. This is also known as an inter-spousal transfer. The reason you use inter- spousal transfer instead of an ordinary quit claim deed is because you do not want to have your tax base re-assessed.
Now lets say you buy it as a single person or he buys it as a single person and you get married. The only person with title is you if you bought it or him if he bought it. So if you are divorced and he owns the house without you then you would get nothing of the house. It' was his before the marriage and is not community property. Unless he adds you to the title you get 0 zip Nada. This is why he wants you to buy your own house. You sure you want to marry this guy?
If you are planning to get married you should wait and buy the house as a married couple otherwise you will have problems.
Many older couples like myself and also Gays and Lesbians who are in a partnership buy land together. Older people often do not marry because they loose their social security benefits or because they are never going to have children.
Gay's can't marry so they have partnerships. These function like a business relationship.
If you do not qualify on your own then you need to have a come to Jesus talk with your fiance. If he is planning to buy without you then why are you marrying him?
As far as an application anyone can back out of it at anytime. As far as if you signed a purchase contract anyone can back out at anytime. The only thing is that if you back out after the contingencies for your loan has passed then you will probably loose your deposit. Be careful about buying homes from new builders.New home are sold by the builder and in no way does their agent represent you or owe you due dillagence. Get a Realtor to help you. Their is a difference between a Realtor and a real estate agent. Both are agents but a Realtor belongs to NAR the National association of Realtors and must adhere to their rules. If he or she fails they will be brought up by the board for disciplinary actions and can loose their license. The regular agent can make a mess and you will be screwed.
Listen to the woman below me in her article. If this guy wants the house without you your marrying a louse!!!
2007-03-11 16:11:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Holy crap that's a ton of money. My 4,000 square foot 4 bedroom 4 bath house on the lake costs a third of that price. Anyway, I'd say that if its outside of your price range, wait and keep looking. There will be other houses in the area you want for the right price. You just have to wait. If you refuse to wait, obviously you wouldn't choose house 2 because you don't really love it.
2016-03-29 00:51:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Since both signatures on on it, I don't think he can undo anything unless you both sign a form that says something to the fact.
2007-03-11 16:04:23 · answer #5 · answered by goodness 3 · 0⤊ 0⤋
Nope you would both need to sign a document
2007-03-11 15:47:08 · answer #6 · answered by Matt 3 · 0⤊ 0⤋
It's a joint application and you need a joint signature to change anything.
2007-03-11 15:48:58 · answer #7 · answered by Akbar B 6 · 0⤊ 0⤋
yes
2007-03-11 15:46:55 · answer #8 · answered by Raymond B 4 · 0⤊ 0⤋
looks like sombody is going to be homeless, lets make sue its not you!
2007-03-13 08:28:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋
have you both signd a contract
2007-03-11 15:49:55 · answer #10 · answered by bergy700 3 · 0⤊ 0⤋