Kansas City, KS asked in Real Estate Law for Kansas

Q: My husband is not listed on our house title or loan. Can I sell him my house for the appraised amount?

We are wanting to do a cash out refi but having trouble getting the house to appraise high enough. We are looking at alternative options for getting cash out of the house. I owe 313$ house appraised at 385$ can I sell to my husband for this amount?

Related Topics:
1 Lawyer Answer
Scott C. Stockwell
Scott C. Stockwell
Answered
  • Lawrence, KS
  • Licensed in Kansas

A: In Kansas, a spouse has full legal rights to sell a piece of property to another spouse. You could also transfer the house to your spouse without value. From your question, however, it would appear that the real question is whether you could complete such a sale and your husband obtain financing for a sum greater than $313,000 plus closing costs? A logical place to begin is to fully disclose the proposed transaction to the bank to determine whether the bank is willing to provide the sought financing. It is important to fully disclose to the bank facts and the structure of the proposed transaction. If the bank is fully apprised, it should be able to make its business decision as to whether such a transaction is one it is willing to finance.

The Kansas Constitution requires that both spouses sign off on the sale or encumbrance of real estate, so your husband's signature would be on a deed transferring title to him. You would have to sign any mortgage that was granted. Those and other considerations relating to income for debt service may make the ultimate transaction appear to the bank to be similar to a refinance.

Being transparent with the bank in the loan request process will help to answer your question. If the bank is otherwise willing to loan money, you should consult with an attorney as to the actual structure and documentation of the transaction.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.