August 2009 Newsletter
Table of Contents
- Top 7 Mistakes to Avoid with Real Estate in a Divorce
- Real Estate and the Cheating Hubby
- Loss of commissions after client files for bankruptcy
- New Product - Divorce Survival Kit™
- Free Teleclass for your divorcing clients
- Thought for the Day
Top 7 Mistakes to Avoid with Real Estate in a
Divorce
(The following article was written by Joan Rogliano, Real Estate
Divorce Specialist, CRS, GRI, Certified Luxury Home Marketing
Specialist 303-667-5485, www.roglianorealestategroup.com)
1. Not listing the real estate in the Summons and Petition.
This might prevent you from getting a divorce, might prevent you
from selling the property until you go back to court to amend and
correct the decree, might result in your spouse getting more of
a share in that property, and other problems.
2. Not using the correct "legal description" for the
property, or using the street address instead of the legal description.
You may have to amend the Divorce Decree before you can refinance
or sell the property.
3. Having verbal or written "side" agreements about
he property that are not part of the divorce decree.
These are not enforceable and if your ex-spouse changes his/her
mind, you are out of luck.
4. Assuming you are not responsible for the mortgage because
your ex-spouse was awarded the house.
The court cannot order the lender to take your name off of the
mortgage. Being on the mortgage is between you and the lender. Having
your name on the mortgage for a house awarded to your ex-souse may
prevent you from qualifying for another mortgage. If you spouse
fails to make payments on the mortgage, the lender may try to collect
from you.
5. Deeding the property between spouses before the divorce is
final.
Some people think that if their spouse is not listed on the deed
for the property, the property does not need to be part of the divorce
proceedings. There are two mistakes here. First, all real estate
is part of the divorce proceedings, even if the deed is in only
one name. Second, a deed between spouses during the marriage is
not effective. Under the law, a spouse has a "marital interest"
in all real estate owned by the other spouse. You cannot deed away
that marital interest while still married to each other.
6. Not paying attention to the marital and non-marital parts
of the value of a house.
You could be short-changing yourself by thousands of dollars.
7. Adding or changing language in the divorce papers without
consulting an attorney.
Real Estate and the Cheating Hubby
This Realtor helped her client helped her client come out okay!
Read about it at:
http://folsomtelegraph.com:80/detail/114775.html
Loss of commissions after Client files for bankruptcy
If your client files bankruptcy, you might lose that commission
even if the closing occurred after the bankruptcy filing. Click
here to read an article by Craig Andresen, Attorney.
http://www.bankruptcylawnetwork.com:80/2009/05/26/real-estate-commissions-lost-to-chapter-7-trustee-even-when-closings-occurred-after-bankruptcy-filing/
New Product - Divorce Survival Kit™
My new product is finally ready! To find out more about the Divorce
Survival Kit™, go to
www.DivorceSurvivalStore.com. I personally guarantee that your
clients will save thousands of dollars in your divorce as a result
of having the information that they receive in the Divorce Survival
Kit.
Free Teleclass
I will also be hosting a FREE teleclass for your clients who are
going through divorce on Thursday, Sept. 10. It is called "5
Ways to Survive Your Divorce Financially." For call-in information,
go to www.carolannwilson.com/teleclass.
You will find the date and time for the FREE call as well as how
to register for the call.
And in both the Divorce Survival Kit and the Free Teleclass, I
promote you, the Real Estate Divorce Specialist!
Thought for the Day
Your words, your product and your service are symbols of what
you believe in and what you stand for.
-- Larry Winget
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