My husband's ex wife was suppose to put their home (both names on mortgage) "on the market" today. She put a For Sale By Owner sign in the front yard with no contact info on it. Is this with the " on the market" definition? The paragraph in the agreement states that Husband and Wife agree the property (address) will be placed on the market April 1, 2013 and sold. Wife will receive all proceeds from sale of property. Is this for sale by owner sign in compliance? Is it possible to get a property settlement that is already recorded in the divorce changed after 3 years?
1 Answer from Attorneys
Offering the house for sale to the public complies with the language you cited from the separation agreement. What usually happens in this situation is that a broker representing a buyer will contact the seller and offer to show the house to their client in exchange for a commission of 2-3% which is half of what the usual broker fee would be if the house had a listing agent. When I draft a marital separation agreement on behalf of a client who is motivated to get the marital residence sold, I insert language that requires the property to be listed with a qualified broker, which generally enhances the marketability of the property. As far as changing the agreement, that can be done with the consent of both parties.