Divorce and/or Matters of Contract of Settlement
If the sale of the property involves a situation where the sellers are in a pending divorce, we will need a copy of the Contract of Settlement. If the property is subject to conditions of a prior Divorce Decree or Contract of Settlement to which the seller was a party, we will need to know in order to insure the compliance of the parties with the prior Court Order.
For example, sometimes the Decree/Contract of Settlement will call for one party to convey their interest in the house to the other party. It will go on to recite that in the event of the sale of the property the proceeds will be divided equally. If that is the case, two checks should be issued at the closing – one to each party.