Make sure the settlement attorney knows of everyone who will be on the deed to the property, especially if they are not going to be on the loan. Individuals who are not going to be on the loan are sometimes not listed in the contract. (In short sale and REO transactions, the deed into the new buyer(s) must match who is listed on the contract.) It is therefore important to share this information as soon as possible during the closing process.
The non-borrowing co-owner does not need to sign most of the loan documents. However, there are some loan documents and other necessary documents such as title binder, title insurance, and homeowners insurance which require the names of all owners (whether they are the borrower or not). Also the deed will need to be prepared with all correct names of the owners. The non-borrowing individuals will also then know ahead of time that they too need to be at closing to sign paperwork.
If the new owners want to take ownership in the names of their Trust, this has its own set of issues. The lender may need to see the trust and sometimes obtain an attorney opinion letter regarding the terms of the trust. Also the attorney preparing the deed for the Sellers needs certain trust information to properly prepare the deed.
Tucker’s Tips has found that communicating this information from the start will make the settlement process a more positive experience for all parties involved.
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