Question about deed ownership

[softballmom3]

Hi all! I have an offer accepted through a DVC broker. When I received the contract I went and checked the ownership of the contract to verify. The deed on the comp controller site only has one of the 2 spouse's names listed BUT the purchase agreement the broker sent me lists both. When I asked the broker about it they said they saw that too, but the people selling assured both parties were on the contract. The broker then told me it was easier to have both of them on there just in case and wouldn't be an issue if only one of the party was actually only the deed. Is this on the up and up? Anyone ever heard of this before?

 

[Eldon32]

I would use a reputable title company, like Mason and point the concern out to them when you open escrow. Their responsibility is to ensure the seller has the legal right to sell you the property so they would be the best people to answer this question. Additionally, most title companies should be including title insurance and a title search in the closing costs (you can ask them the specifics) that could help protect you in the event it ever later came up that they did not own it.

 

[softballmom3]

Thank you. The broker says that we would be using Mason Title. I just find it a little odd that it was noticed and we're still trucking ahead. I haven't signed anything yet.

 

[CarolynFH]

Maybe community property rights are involved. For example, one spouse bought DVC before marriage but after marriage the dues have been paid with funds that are community property. I’m not an attorney but wonder if that might require both spouses to consent to the sale.

 

[softballmom3]

Thank you. We ultimately decided to pass on this one.

 

[drusba]

The reason to have the spouse sign off on the contract even though not on the deed would be to avoid a later claim that the spouse had some legal rights to the property, preventing it from being sold without that spouse's consent, i.e., it is an addition to the sale contract that further protects the buyer from the unknown.

It is, in fact, something you should consider to be the better sale process in Florida, e.g., if one spouse owns property before marriage and after marriage the new spouse contributes to taxes or dues, the new spouse can be deemed to have rights to the property, at least to the extent the property has increased in value since the time of marriage.

 

[CarolMN]

If you are getting title insurance, it may be a requirement of the insurance company, for the reasons @drusba mentioned.