My wife and I own a rental property in MN. The circumstances don't matter, but about a month ago I signed a purchase agreement to sell the property. My wife was uncomfortable with the price and has stated she would not sign the agreement. I have since signed a "cancellation of purchase agreement", but the buyer stated they intend to go through with the transaction. Can they do this? Was the purchase agreement ever valid without my wife's signature?
2007-06-27 11:50:17 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
If your wife is on the deed to the home, it was not a legal agreement. You cannot sell with out her permission.
If she is not on title, then it would be a binding agreement and sounds like you could be in trouble with the wife.
Good luck
2007-06-27 11:55:27 · answer #1 · answered by frankie b 5 · 0⤊ 0⤋
You need an attorney for this one. The contract itself is a valid one, but absent your wife's signature on the sale deeds, the contract will not be honored.
In other words, what you did was put yourself into a position where you have a legal binding contract which cannot be honored without your wife's cooperation.
The fact that she is an owner is irrelevant to the validity of the contract. If I falsely represented that I owned my neighbor's home and signed a purchase agreement, I surely could not sell the home, but I surely can be sued for breach of contract.
Again, time to consult an attorney.
2007-06-27 20:03:22 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
It sounds like your wife is clearly on the title. Your purchase agreement is voidable and invalid because both sellers did not sign. That's not to say you won't suffer any recourse from the buyer for "specific performance." Even without your wife's signature on the offer, you may be open to a lawsuit that could force you to sell. I'd consult a real estate attorney to cover all your bases.
Specific Performance lawsuits can get ugly with them adding court costs and even real estate agent commissions. You probably should have never submitted an acceptance to the buyers. I wish you luck, and I hope it works out!
2007-06-27 19:10:25 · answer #3 · answered by R.E. Advice 3 · 0⤊ 0⤋
That depends on whether your wife's name is on the title and/or mortgage for the property.
If not, your wife has not recourse and it depends on the exact stipulations of the agreement whether you can get out of it or not. If your wife's name IS on the title, the agreement should not have ever been valid.
2007-06-27 18:56:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I would think that if you both own the property - she must sign. However - you might be in some hot water for signing and starting the transaction without her. do you have a RE agent? What do they say (remember they want commission - so they might push for the sale too)
2007-06-27 18:55:06 · answer #5 · answered by Donna W 3 · 0⤊ 0⤋
depends on if her name is on title, if not it could be valid.
2007-06-27 18:54:54 · answer #6 · answered by George T 3 · 0⤊ 0⤋