Can He Transfer Title - Posted by JeneanNC
Posted by JeneanNC on February 13, 2000 at 08:11:25:
I have a relative who wants to sale (transfer) the title of his home to me for $15,000. OK, he was married for 30 year to his wife who passed 5 years ago. He remarried about 6 months later (married to the second wife 4 1/2 years now).
The deed still has the first wifes’ name on it along with his. He wants a divorce from his wife and she has agreed to have him buy her out for $15,000 (half of the FMV) in exchange for the divorce. The SFM FMV is $30,000 to 40,000. He owes about $8,000 on the house from a line of credit he opened 4 years ago. The line max is $10,000. After the divorce, he wants to continue to live in the house and pay me rent.
The problem is he does not want her to know that the buyer of the house is one of his family members because he thinks she will not sign the divorce agreement. And he needs the $15,000 from me to get her to even sign the divorce agreement. (I’m only going to offer him $7,000 and hopes that she take it??)
He can not borrow/increase the line of credit for the money against the house because he is 85 years old, she is 55 years to his younger.
Can he transfer title (sale) to this house without her signature/approval since her name is not on the deed?
Is there anyway to purchase this house legally without her knowledge/approval?