What does “one to buy and two to sell” really mean?
I was contacted by a homeowner who wants to sell his primary residence. He bought the home before he was married. His wife travels often for business. He had assumed he could sell without his wife having to sign anything.
It doesn’t work that way. Once they got married both spouses have a legal claim to the property.
The good news is that it is not at all hard to sell real estate in Minnesota while traveling especially if you are working with someone like me. There are also ways to close without having to go to the closing.
Either spouse can buy real estate at any time without the other spouse assuming they are financially qualified without the spouse’s income. There are families where one spouse works outside the home and the other spouse works in the home and does not have an income.
If you are buying a house and your spouse is not contributing financially your spouse’s name will not be on the purchase agreement. When you close on the purchase and take the title joint tenants the property will belong equally to both spouses. If the buyer dies his/her spouse will inherit the property.
Also, see Marriage and homeownership
