One Buyer To Come Off The Title
Roe Hume and Molly Carter bought a house together. They are husband and wife
The settlement is 183 days (6 months)
The Purchase price was $1,000,000
10% of sales price already paid as a deposit
Stamp duty paid on the 1st month
Now it is the 2nd month from the date of purchase
They are getting a divorce
Roe is happy to sign everything to Molly
He is planning to escape to Iceland Country and never comes back for at least 5 years.
He wants to go next week.
This is what each people think:
- Molly thinks that Roe’s name can be taken off the contract and she alone can proceed with the purchase
- Roe thinks the same as Molly
From the vendor’s point of view:
They will not allow Roe’s name to come off title until they have evidence that Molly’s loan is fully approved
That is, Roe is still being part of the contract until settlement!!!
Why is that so?
You see, if Molly’s loan is not approved, the vendor can sue both Roe and Molly
Suing 2 people is better than one!