Purchasing and Contracts

For various reasons buyers leave their spouses off the deal. Maybe they don't have a lot of income, maybe they have bad credit, maybe they just don't want to be a apart of it. That's fine, however; it is important to have this discussion with your mortgage broker BEFORE you put an offer on a house. If spouse B is not going on the mortgage, they can not go on the purchase contract. This is because the mortgage documents need to match the Title Certificate registered on the property. We suggest speaking with a lawyer and an accountant to get the pros and cons of each situation before the buyer proceeds with an offer. There are laws around marital property, including common-law relationships and it's wise to understand how these laws work.

Having a spouse on a purchase contract who is not on the mortgage application can cause delays in your financing. To make sure everything runs as smooth as possible, have a chat with your broker before you put in an offer and you're unsure what to do!