Often in a divorce, the parties choose to sell the marital residence. Generally, the parties agree upon a real estate agent and the reasonable recommendations of that agent as to listing price, reductions in listing price and sales price are to be followed if the parties are not in agreement. If both parties are on the deed, they must both sign the contract for sale of the marital residence with the real estate agent. If one party is not cooperative, a party may obtain power of attorney from the court to sign the contract for sale for that party. After a buyer signs the contract for sale and after attorney review of the contract by the seller's and the buyer's attorneys, generally, the house is inspected. Provided the inspection finds the residence to be in acceptable condition, the closing for the property is scheduled. In today's market, selling a home may be challenging, if both parties are not in agreement as to listing the property, that too may present challenges, as there will be carrying costs for the property that the parties will have to pay for in some manner prior to any sale.
If you have questions regarding the sale of your marital residence in a divorce setting and the equitable distribution of the equity in this asset, please call divorce attorney and family lawyer Michael S. Green at Green & Associates at 732-390-0480 in our East Brunswick office or at 201-242-1119 in our Fort Lee office for a free consultation. Night appointments are available.