There are several key things to know about signing a contract. Signing a contract means you are agreeing to the terms and conditions in the contract and the consequences that follow.
One of the key factors that affect the validity of the contract is your marital status when signing the contract.
It might seem like something very simple, but it is very important. The marital status of the party determines who will sign the contract, this is when singing in your personal capacity and not in a representative capacity.
If you are married out of community of property your estate is separate from your spouse’s estate and you can enter into a contract without the consent of your spouse.
It is different when you are married in community of property as you have a joint estate. Both spouses are required to sign the contract for it to be considered valid.
Divorce and remarriage can affect who must sign a contract. For example, if Mr and Mrs Smith were married in community of property and purchased Erf 123 Cape Town during their marriage and later got divorced, with the divorce order stating that the property must be sold and the proceeds of sale are to be divided equally between them. Mr Smith has now married Ms X in community of property. This means that the former Mrs Smith , Mr Smith and Ms X must all sign the contract for the sale to be regarded as valid.
It is therefore critical to inform your estate agent and your conveyancer of your correct marital status, as it is one of the key factors that affect the validity of a contract to purchase an immovable property.
Contact our conveyancing attorneys in Cape Town for expert legal advice about the impact of your marital status and property law.
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