Legal Question in Real Estate Law in New Jersey

Proceeds from real estate sale

My husband and I are in the process of selling a piece of real estate that is jointly owned and mortgage-free. Is it within my legal rights to request that the proceeds from the sale be distributed in two (2) equal checks, i.e., one to me and one to my husband, rather than one that is drawn jointly?

Thanks!


Asked on 5/23/07, 9:45 pm

2 Answers from Attorneys
Miriam Jacobson Retired from practice of law

Re: Proceeds from real estate sale

If you and your husband both request this from the settlement agent, there shouldn't be a problem in doing so.

Read more
Answered on 5/24/07, 12:12 pm
John Corbett Corbett Law Firm LLC

Re: Proceeds from real estate sale

Strictly speaking, whoever closes escrow should write a separate check to each owner if they are tenants in common and a single check to all owners collectively if they are joint tenants or tenants by the entirety. However, if all joint tenants or both tenants by the entirety consent, most will write separate checks in equal amounts.

See also: http://info.corbettlaw.net/lawguru.htm

Read more
Answered on 5/23/07, 10:16 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in New Jersey