Buying or selling a home? Did you know that it matters whether or not a person is married when they are buying or selling a house? In Missouri, married people have marital rights to any property owned by their spouses.
What does this mean for you as a buyer or seller or for your clients if you’re an agent?
- A married buyer can purchase property without their spouse.
- A married seller cannot sell property without their spouse because:
- Both spouses have a share of ownership in the property, so
- Both spouses must sign the warranty deed regardless of who took title.
For example, Sam and Alex are married. Sam bought the property alone and Alex’s name is not on the warranty deed. However, because they are married, Alex still has an interest in the property and both Sam and Alex will have to sign the warranty deed to sell.
We have an easy phrase to remember how it works: One to buy, two to sell.
We hope this “title trick” is both helpful and informative. Don’t hesitate to give us a call with any of your title questions; we are here to help make the process of buying or selling a home as easy as possible!