What papers do I need to have my husband buy out the house?

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My husband and I are separating. We have agreed that he will buy me out of the house; however, the bank is saying they need papers. would this be the separation agreement? If so, would they accept one written amongst the both of us and not signed by a lawyer?

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Andrew J. Kania, LL.B., LL.M.

10 years ago

Answer: 1. Yes, ordinarily banks require a signed Separation Agreement to examine the arrangements made for the payment of child and/or spousal support, as this affects the net incomes of the parties and their eligibility for a mortgage.

2. I cannot comment on whether a bank will accept a Separation Agreement that lacks proper independent legal advice. I assume not, but you would have to check. The concern about a Separation Agreement signed without proper independent legal advice is that it may not be legally binding if subsequently challenged by one of the parties. I recommend as strongly as possible that you DO NOT sign a Separation Agreement without first obtaining independent legal advice.

(The information provided above is general, not legal advice, as circumstances vary from case to case. Thus, if you wish legal advice that you can rely upon for your specific case, please contact Douglas Briand for a free consultation).

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