For example, if one of the brothers is married, his wife has a community property interest in the property, even though she never was named on the contract or the final deed. Moreover, homestead rights could come into play. If any of the brothers actually occupy the property, that person's spouse may have the right of homestead, which can effectively prevent a sale until the homestead rights are resolved.
As joint owners each would own an undivided share in a property. Their spouses would each have an undivided interest in the undivided share. So, for example, a brother and a sister buy, then their current wife and husband, respectively, each have a claim to 25%. The brother and sister may apparently own 50% each, but their spouses have half of the marital estate that the 50% is in.
Note that owners of a property can encumber it, e.g. take out a mortgage on their share, have a lien issued against their interest and so on. While lenders would normally not lend money to a partial owner, they could, and you would be a complex transaction down the road when you tried to sell.
While mechanically you can modify the contract by amendment either before closing or right at the closing table, the documents would have to be prepared and signed by all parties. So, at the closing table, a new deed would have to be printed by the title company and signed by the seller. An amendment prior to closing just allows the deed to be issued those names without having to print a corrected deed.
Because of the complications, it is best to ask your attorney for advice on these ownership interests, and ask the closing agent how to handle the papers (probably prior to closing).
Lynn911 Dallas Realtor & Consultant, Credit Repair Advisor
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An amendment should be fine, but depending on where you are in Escrow with Title.
You should also get in touch with Title escrow officer.
As the Contract is all cash, there will be no lender issues luckily.
However, this request seems a bit odd and I would. request further information from the buyers. Do you know that all brothers are of legal age to enter into a binding agreement? If a party is not of legal age to contract for the purchase, this will cause problems when trying to enforce the contract.
If you don't have an agent, I would consult with an attorney to better understand the ramifications of such a move. .
You should probably check with Title company. But in Texas, we are community state. Even you took your wife's name contract, she will still entitle for half of the share. Anything you purchased prior to the marriage, they are still seperate properties.
JP and Associate