Legal Question in Real Estate Law in New York
Selling house information
my ex has put our house on the market - there has been an offer made and accepted - my name is on the mortgage but not on the deed - what forms should i be signing and should i have signed something to list the house?
1 Answer from Attorneys
Re: Selling house information
The mortgage will be paid off from the closing proceeds, so your responsibility should terminate. However, there is a more compelling issue to consider. You were on the mortgagte, but not the Deed, so you are probably considered like a guarantor under the mortgage. However, since you are not on the Deed, you are not considered an "owner" required to partake in the contract, listing and sales agreements, or even the closing. I do not know what the terms of your divorce may be as to sharing in the sales price, after the mortgage is paid off? Was this covered by your divorce decree or a Property Settlement Agreement? More facts are needed on tis issue.