Marie and her husband Jean own a home in Baton Rouge that was purchased during their marriage. They have agreed to sell the property to a buyer. When the Act of Sale is executed, who must sign the document?
Correct Answer
C) Both Marie and Jean must sign the Act of Sale
Under Louisiana community property law (La. Civil Code Arts. 2327–2437), property acquired during marriage is presumed to be community property. Both spouses must sign any act of sale, mortgage, or lease exceeding three years for community property. Since the home was purchased during the marriage, it is community property, and both Marie and Jean must sign the Act of Sale.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Consideration is something of value exchanged between parties to a contract, making the agreement legally binding. It can be money, a promise to act, a promise to refrain from acting, or anything else of value.
Contingencies are conditions written into a real estate contract that must be met before the transaction can close. If a contingency is not satisfied, the buyer can typically cancel the contract without penalty.
Contract termination occurs when a contract is ended or discharged, releasing both parties from their obligations. A contract can be terminated through performance, mutual agreement, operation of law, or breach.
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