Spouse factor could help you get out of a regrettable real estate deal
There are provisions in most jurisdictions that the spouse has to consent in writing to these types of transactions
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Q: We own a house that is in the middle of a row of homes that a developer is looking at to tear down and put up either townhomes or perhaps a mid-rise condo building. We have been approached by the realtor who is putting the deal together and we have set an offer out there, which much to our surprise was accepted by the builder.
We have since done some research and we’ve determined that we have received a very low bid. My wife owns the house in her name alone and I wasn’t involved in the signing of the agreement of purchase and sale. Now we have second thoughts. Is there any way out of this firm deal?
A: There are provisions in most jurisdictions that the spouse has to consent in writing to these types of transactions, especially if it is the matrimonial home. I am not sure if this is the “out” you are looking for but it goes towards the contract being incomplete. Certainly, if this is a house you live in together, your real estate agent should have made sure they had your written consent to the deal.