BIC TIP #1312: One to Buy, Two to Sell?

“One to buy, two to sell.” It is an age-old adage in North Carolina real estate, and Stephen Long, your Notorious BIC, explains what it means for your married clients. In short, a married person can buy without their spouse, but when it is time to sell, both spouses will typically have to sign, no matter whose name is on the deed.

One to Buy

If your buyer is married, they can purchase a home without their spouse. That is the “one to buy” part of the saying.

There is a catch. If the buyer is getting a mortgage, the spouse will still have to sign the deed of trust. So in theory it is one to buy, but in a financed purchase, expect the spouse to show up at closing anyway. Coordinate with the lender and closing attorney early.

Two to Sell

When it is time to sell, if the owner is married, both spouses will have to sign, regardless of when the owner took title. It does not matter that the house was purchased before the marriage or that only one spouse is on the deed.

There are other options, such as free trader agreements, but those are legal documents with legal consequences. That is a conversation for an attorney, not something a broker should try to sort out.

Separated Is Still Married

Here is where brokers get surprised. If the sellers are separated but not divorced, they are still married. That means both spouses still need to sign to sell.

If one spouse will not cooperate, the seller may be unable to close, which could put them in breach of contract. That is why you want to know about marital status at the listing appointment, not the week of closing.

The Practical Takeaway

Ask about marital status early in every transaction. For buyers, remember the spouse may need to sign the deed of trust. For sellers, plan on both spouses signing, even if they are separated. When in doubt, check with a real estate attorney to make sure all the right paperwork is in place and everyone has signed, so nothing derails the closing.

This BIC Tip is general real estate education for licensees and consumers, not legal, tax, or financial advice. Rules and forms change, so verify current NCREC rules, MLS rules, and standard forms, and consult a North Carolina attorney or qualified professional about your specific situation. See Disclaimers & Disclosures.

Mortgage topics are discussed for general education only and are not a commitment to lend or an offer of credit. Stephen Long, NMLS #2795861, Keller Home Loans, a division of Mutual of Omaha Mortgage, Inc., NMLS ID 1025894. Equal Housing Opportunity.