Q: My husband and I own a home that we rent out in NJ. He recently drew up a new lease that I don't agree with. Valid?
I did not sign the new lease. Is it valid? He aldo wants to take the equity out of the house and sell it. I don't. I'm willing to look into it and buy him out of the property
A: If your name is on the deed, your spouse can not mortgage nor sell the property in NJ without your signature. If you are not named as a grantee on the title deed and the home was used as a marital residence, he may not sell nor mortgage the property without your consent. A rental agreement executed by an owner with apparent authority to lease the premises will be binding. A heads up alert, make sure you have some oversight of the revenue stream.
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