What is the positives about not having your name on a purchase contract but having it on a property title?
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What is the positives about not having your name on a purchase contract but having it on a property title?
Husband’s name is the only name on purchase contract; wife’s name is on property title only. If the house goes to short sale or foreclosure, how does this affect the wife?
Asked on November 4, 2010 under Real Estate Law, California
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
You are referring to the contract for the purchase of the home? But you will be placed on the title? You are technically not responsible for the obligations listed in the contract. The contract is also used to obtain a mortgage on the property. So you will also not be on that, correct? Then it would appear that you have no "financial" obligation to the bank but that you "own" it. There are financial obligations with ownership, however, like taxes, etc. There may be a reason for you to want to hold the property in this way but I would consult with an attorney in your area as to your particular situation just to be sure.
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