Advice needed

[Marina]

hi everyone,

What happens if a propery is in the name of one spouse but the loan is in the name of both spouses.

If the spouse wants to sell the property does he need permission from the person on the loan agreement.

Can he just go and sell the property. Is this legal.

thanks in advance

 

[Rixter]

My understanding is yes the one on the title (the legal owner) is the only one who has a say in the matter.

The 2nd name on the loan is in material and was probably only needed on the loan to meet the banks lending criteria.

You would pay out the loan with the proceeds from sale.

 

[Twitch]

hi everyone,

What happens if a propery is in the name of one spouse but the loan is in the name of both spouses.

If the spouse wants to sell the property does he need permission from the person on the loan agreement.

Can he just go and sell the property. Is this legal.

thanks in advance

Yes, but if this is caused by relationship breakdown then the other spouse will probably in the meantime put a convenant on the title via a lawyer, alerting any prospective buyer that there is another party who believe they have an interest in the proceeds of any sale. This is fairly common, I've seen a few S32s with this on it.

 

[Marina]

is there any way that we can not go through with the sale.

sale of authority was given to agent on march of this year for asking price of $290k.

2 weeks ago we get a call from agent saying $277k. hubby said no and then he gets a call saying $280K.

he was not happy with the price, but agents talk and talk and saying that was a good price.

hubby went in and signed a sale contract.

today all the legal stuff came from conveyancer and he does not want to sign all the paper work.

is it too late??? the major paper work has not been signed yet?

My name is on the loan contracts. Does this somehow help the situation.

please advise

 

[Rixter]

Marina,

Is hubby (who signed the sale contract) the legal owner on the title?

If he is not the one on the title he can not sign and accept sales contract.

 

[Marina]

yes he is the owner as per the title.

there has to be a way around this...

regrets....

 

[Rixter]

Your name on the loan is in material.

My understanding is he has signed the legal contract to sell and is legally bound to sell it to the purchaser unless any of the contract conditions are not met.

 

[Twitch]

Please please talk to your solicitor you use for conveyencing asap. You may be inside the cooling off period but the clock is ticking.

 

[Marina]

ok , thanks everyone for your help.

 

[twobobsworth]

Cooling off only applies to the purchaser not the vendor.

 

[letiha]

Your only interest is that the proceeds are enough to pay of the loan. So basically not much you can do, if you tried to pull out now the vendor can sue for sepcific performance, meaning completeing the contract.