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owner vs. contract

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South Florida

Thread Starter
Freshman Member
Joined
Sep 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
if public records indicates two owners and i have a contract with only one owner signature, is the contract fully executed?

What do i do?
 

PropertyEconomics

Elite Member
Joined
Jun 19, 2007
Professional Status
Certified General Appraiser
State
New Mexico
In my state it takes one to buy and two to sell. I would guess it depends on what the deed says and if there have been any subequent deeds filed of record. I dont do title searches so there is no way for me to tell. Id make note of it, discuss it in the appraisal, not offer legal advice and complete my assignment. We cant be all things to all people. We have hard enough times being good appraisers.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
if public records indicates two owners and i have a contract with only one owner signature, is the contract fully executed?

What do i do?

Report what you know and provide appropriate "analysis" of the sales contract.
 

South Florida

Thread Starter
Freshman Member
Joined
Sep 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
thank you for your response!

the broker just found out that the other owner passed away 6 months ago. public records does not indicate a quit claim or anything else besides two owners. so i do have a fully executed contract but do i need some paperwork for my file indicating this? i just dont want this to bite me where the sun dont shine later.

the lawyer the broker told me to call, said i am an appraiser not a lawyer, so dont practice law.???
 

South Florida

Thread Starter
Freshman Member
Joined
Sep 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
ps.

does the fact that one of the owners passed away need to be reported in the appraisal?
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Public records shows both names, you should show both names.
It's not up to you to do the title work.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
thank you for your response!

the broker just found out that the other owner passed away 6 months ago. public records does not indicate a quit claim or anything else besides two owners. so i do have a fully executed contract but do i need some paperwork for my file indicating this? i just dont want this to bite me where the sun dont shine later.

the lawyer the broker told me to call, said i am an appraiser not a lawyer, so dont practice law.???

Again, report what you know and provide appropriate "analysis".

By the way: you may want to give future consideration to identifying (and then communicating) what your SOW is specific to "analyzing" the contract of sale.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
if public records indicates two owners and i have a contract with only one owner signature, is the contract fully executed?


It is not the appraisers job to pass on the legality of the purchase agreement. Mainly because we are not qualified and secondly, to say that the contract is no good or not binding or whatever, just might be considered practicing law. Do you really want to take on the liability of interpretation of the law? I think not.

Just make a comment in the report that the PA provided has one signature of one of the two owners listed as owners of record by the county/city/whatever and leave it at that. Before the deal will be closed, the title company or whoever is closing the transaction will see to it that the owners of record have signed the PA or that there is a legal release of some sort from the other owner.
 

Kevin A. Spellman

Senior Member
Joined
Aug 30, 2003
Professional Status
Certified Residential Appraiser
State
Massachusetts
It is how the title is being held. Review your 101 books about Tenants by the Entirety if the owners are married. Tenancy in Common if they are not married and if there are two or more owners. Are any rights of the home being will to an individual that is not on the deed?
 

South Florida

Thread Starter
Freshman Member
Joined
Sep 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
They are married and dont i have to comment when doing my analysis of the contract whether i recieved an executed contract and indicate whether the seller is the owner of public records. so would i have to disclose that the wife passed away? my thought is no, now that i have a death certificate for my file.

the laywer gave me a hard time when i requested this and my thought is that i have to either say that i did not receive a fully executed contract (if i dont have any documents about the second owner being passed) or have documents about the passing so that the contract would be good. isnt that part of analyizing the contract. otherwise i just have papers about the subject with number that dont mean much???? like having an unsigned contract???
 
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