What exactly is a free trader agreement, what is it used for, who does it protect, do other states use it? Thanks
A Free Trader Agreement, or Free Trade Agreement is a document which allows persons who are married but separated to purchase real property (real estate) without their spouse having right to the same. In NC by reason of marriage there are certain rights a spouse has in the other’s real estate simply by reason of the legal relationship between them. These rights attach to any real estate purchased during the marriage.
Free trade agreements are used to vitiate these rights and allow each spouse to purchase property as if they were unmarried.
These documents are used most often during the one year period of separation, as the parties no longer wish to be married, but are ineligible to file for divorce until the one year and one day of separation has passed.
Thank you! Does the free trader agreement take away the right of a spouse to use the other spouses credit information to obtain a loan without consent? Thanks for all you do for those of us in tough places.
The free trader only allows a spouse to purchase property, it does not affect credit information.
I’m currently going through a divorce property settlement in Arizona where my wife lives since she filed there after her required 90 days of residence in AZ. I’m here in NC and we have been legally separated since November 2012. Do I need this since she is no longer a resident in NC and we have been legally separated for 16 months? I’d like to close on a home in the next 30 days.
If you are married and you want to purchase real estate, you will need to have a free trader agreement to close without your spouse’s signature.
I am currently separated and have been since the end of 2015, we never filed an official separation agreement, however I am currently in the process of buying a home Do I need to file a separation agreement in addition to a free trade agreement or is just the free trade agreement sufficient.
You will be protected with only a fully executed and recorded free trader agreement until an absolute divorce judgment is entered.
Anna Ayscue
Attorney with Rosen Law Firm Cary • Chapel Hill • Durham • Raleigh • Wake Forest
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