The Mandel Law Firm

(646) 770-3868
(646) 770-3868
Se Habla Espanol
“I don’t want a lawyer to tell me what I cannot do, I hire him to tell me how to do what I want to do.” - J.P. Morgan

Caveat Emptor When Buying a House from a Divorcing Couple

Besides the possible issues of negative karma from buying your dream house from a couple going through a bitter divorce, such a transaction can be fraught with other problems.

Buying a house from a couple in the process of divorcing may result in a great bargain because these people are often among the most motivated of sellers, willing to accept offers below market value. However, you as the buyer, may well pay the price in terms of aggravation as you wade through the venom generated by the divorce. Often, one spouse is anxious to sell while the other tries to sabotage the deal, either out of spite or an unwillingness to end the marriage.

Sometimes one spouse may delay the closing just to aggravate the other. Other times, one party may want to maximize the profits while the other just wants to get out. In any event, it is imperative that both the soon-to-be exes sign the Contract of Sale, committing themselves to the transaction. If both parties haven't signed off on the selling agreement, the deal could easily be derailed creating a host of problems for you.

To avoid these situations, as a potential buyer, it is imperative to ascertain whether a divorce is amicable or acrimonious, and then decide if this "bargain" is truly worth the potential headaches.

No Comments

Leave a comment
Comment Information

Our Office Location

The Mandel Law Firm
370 Lexington Avenue
Suite 505

New York, NY 10017

Telephone: (646) 770-3868
Fax: 212-681-6157
New York Law Office Map

Visa | MasterCard | American Express LinkedIn

Tell Us About Your Case

Bold labels are required.

I have read the disclaimer.