3 Differences in a Divorce Real Estate Transaction
One of the biggest questions I get is what is the difference between divorce real estate and regular real estate and really there are three main components. First of all, there is a legal process going on at the same time.
When somebody files for divorce and they’re in the midst of a divorce process the court actually has jurisdiction over the sale of the property. In regular real estate, we don’t have that.
The second main difference is we have a fiduciary duty to two people who oppose one another. In regular real estate, you’re usually representing sellers who are on the same page, maybe it’s a husband and a wife or maybe it is just one seller. They both have the same agenda.
In divorce real estate, not the case! Our clients have two opposing views and we have a fiduciary duty to both.
The third big difference in divorce real estate is we have much more emotionally charged transactions. Selling and moving homes is always an emotional process and stressful process, in a divorce case you have an extra layer of stress.
We are dealing in much more stressful and emotionally charged transactions and yet we owe a fiduciary duty to both under the courts jurisdiction.
There’s a case right now that I’m dealing with where the husband and wife are getting a divorce, but the husband doesn’t want to sell the house. He sent me an email and said he wanted to cancel the photography and staging and don’t let the house go on the market Thursday.
However, the wife says staging is confirmed, photography is confirmed, and we’re going on the market on Thursday, but yet I still owe a duty to both.
So there is just one example and three main differences between divorce real estate and regular real estate.