Real Estate Closings in a Divorce Situation

The closing of a real estate transaction is the day that the seller(s) transfers ownership of the property to the buyer, receive the sale proceeds and pay any mortgages.  Closing can only take place when the buyer and seller have fulfilled all the terms of the contract, so all that’s left is the transfer of documents and money.

The closing documents can be signed by the buyers and sellers all at once, or the buyers can sign at a separate time from the sellers.  Regardless, it is common for both sellers to sign the closing documents at the same time at a scheduled appointment with the settlement agent, closing attorney, or title office.

However, in the case of a divorce situation, it’s understood that this could create unnecessary stress, so if you and your ex-spouse would rather not see each other, special arrangements can be made for you each to sign your closing documents at different times.

Depending on your agreement with your ex-spouse as well as the court’s divorce decree or judgement if relevant, the proceeds of the sale can be issued to each of you separately as well, alleviating the need for any communication between the two of you.

Working out these special arrangements for divorce circumstances is not uncommon, but it is unusual and can sometimes take extra time and patience.  That’s one of the many reasons that we recommend getting started with the sale of your home sooner rather than later.

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2017-03-12T16:56:37+00:00Divorce, Popular|

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