Home Buying in Fort Myers>Question Details

echeeh, Home Buyer in Fort Myers, FL

do both husband and wife are required to sign contract for purchasing a first time buyers?

Asked by echeeh, Fort Myers, FL Tue Jun 25, 2013

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Whether the second person chooses to be on the contract or not, Florida requires that both people of a married couple sign the closing documents when it is "the primary residence or homestead". This is not required if what is being purchased is a second home or other investment property.

What others mentioned below still apply as to the loan documents.
1 vote Thank Flag Link Wed Jun 26, 2013
And the correct answer is: When buying a home, first time buyers or not, both husband and wife DO NOT have to be on the contract. However, no matter what, first time buyer or not, both husband and wife DO have to sign the Mortgage - BUT NOT THE NOTE on the loan.

So, the home would go into whom evers name is on the contract, the signer to the NOTE becomes the person responsible for the financial burden, but the mortgage - which is the financial tool used by the bank you are lending from, to sell your loan to another financial institution (which all banks do in order to replenish their funds, so that they can make more home loans) is in both spouses names.

If you were to default on the loan and go into foreclosure, the person on the NOTE is held directly responsible, not the spouse who signed the mortgage.

There are finance options for you, but you will need to speak with a lender directly about getting pre-approved. Below are three GREAT finance professionals I highly recommend.

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0 votes Thank Flag Link Thu Jun 27, 2013
This is a Florida specific question concerning closing documents.
Antonio is correct.
0 votes Thank Flag Link Wed Jun 26, 2013
It will depend if one of you is buying or if both are you are buying. if you will both be on the mortgage then yes, you both need to sign the contract.
0 votes Thank Flag Link Wed Jun 26, 2013
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent.

Best of luck!
0 votes Thank Flag Link Wed Jun 26, 2013
If both are going to be on the mortgage, then yes both have to sign the purchase agreement.

If one of you is not going to be on the mortgage documents then they should not sign the purchase agreement but can be listed on the Deed. You should speak with your agent and/or attorney or mortgage lender if you're not certain.
0 votes Thank Flag Link Wed Jun 26, 2013
If you are both going to be on the mortgage you will both need to sign the contract. Regardless of who is on the mortgage you can both be on the deed. Feel free to contact me at 239-707-4575 for more information on how this works how it effects you as buyers.
0 votes Thank Flag Link Wed Jun 26, 2013
Hello Echeeh,
No only the one applying for the loan has to sign the purchase contract.

Best regards,
Kirsten
Kirsten S. Prizzi
AC Global Property Management Lee County, LLC
FL Lic Real Estate Broker
Immobilienfachwirt / Immobilienmakler
Telephone: 239.248.1667
Residential & Commercial Real Estate
Email: Kirsten@RealEstateFloridaUSA.com
http://www.RealEstateFloridaUSA.com
http://www.Immobilienmakler-in-Florida.com
http://www.LuxusimmobilienFlorida.de
Location is just the beginning!
0 votes Thank Flag Link Tue Jun 25, 2013
If both of you are applying for a loan on the property then both will sign the contract. If only one of you is applying for the loan and the other does not want to be on the deed then only one of you needs to sign the contract. If you decide to add the spouse later to the deed you may.

Sarah Garrett
Alliance Realty Group
"Chosen Best in Client Satisfaction 2006-2012" By Gulfshore Life Magazine
239-464-8620
Web Access to MLS:
0 votes Thank Flag Link Tue Jun 25, 2013
Depends on if both are on the loan, if it is purchased through financing... There are options to be discussed...
0 votes Thank Flag Link Tue Jun 25, 2013
Depends on how you are buying....your Realtor and Lender will guide you

jessemcgreevy@gmail.com
239-898-5329
http://www.BonitaPropertySearch.com
0 votes Thank Flag Link Tue Jun 25, 2013
Yes, for financed deals that are a primary residence.
0 votes Thank Flag Link Tue Jun 25, 2013
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