Free Trader Agreement required


#1

Hello,

I want to thank for any responses you can provide for my situation.

I have a court filed separation agreement with my stbx that divides “all marital and/or divisible properties fully and equitably”. I am looking to buy a primary residence now (she is keeping the marital house as per the separation agreement). Do I need to have a “Free Trader Agreement” on top of this? Also, if I end up buying the property do I need her to sign a quit claim on top of the Free Trader Agreement?

Regards,
LostDad


#2

There are certain inchoate rights that can attach to any real property you purchase prior to divorce. An executed Separation Agreement and a Memorandum of that Agreement recorded with the register of deeds in the county where you purchase land will cut these rights off, a Free Trader Agreement will do the same. If you have a properly drafted Separation Agreement, you should not need a free trader agreement. You should have your mortgage company review your Separation Agreement to see if it is sufficient.