Posted by Nicole_NCali on 6/26/05 9:55pm
Msg #48040

Vesting ? for ex-title people: CA specifically

Ok, I had a closing today where there were 2 borrowers, father and son, obviously the father was married, but the DOT, was vested as J. Doe Jr and J. Doe Sr a married man, his sole and seperate property.

I'm not doing UPL, but this is just for my information, shouldn't the wife sign the security documents if there is not an interspousal grant deed? If there is a grant deed, would the vesting be different?

By the way, the title company advised me to just have the husband and son sign and not to worry about the wife.

Reply by Lee/AR on 6/26/05 10:28pm
Msg #48044

believe the key words are: sole & separate property. Just my opionion, no UPL.

Reply by Chuck on 6/27/05 12:44pm
Msg #48166

The grantor on a DOT is not always the only vested owner of record. The DOT does not convey ownership, unless of course a forclosure is effected. In any event a DOT only encumbers the interest of the grantor in the subject property. Vesting of title to real property is dependent on a number of variables including the laws of a particular state, some states have community property laws while others do not for example.

Reply by anonymous on 6/27/05 12:55pm
Msg #48168

there is no such thing as a grantor on a DOT........n/m

Reply by TitleGalCA on 6/27/05 1:39pm
Msg #48184

Nicole, I'm assuming this is a refi for the purpose of answering your question. If it's a purchase, the answer would be different.

Originally, when Doe, Sr. went into title with his son, Mrs. Doe signed a QCD (or interspousal transfer deed). So now they hold title as Doe, Sr, mmssp, and Doe, Jr.

Now Doe's Jr and Sr are getting a refi of that loan. Title company is recording a new DOT and insuring a new lender. If I'm asked to insure a new loan and the wife has already quitclaimed I won't ask for another QCD (in most cases) UNLESS the lenders underwriter wants one, and sometimes they do. In that case, the lenders instructions to escrow will require it, and the document will be prepared. If lender doesn't want one, you won't see one in your package.

That is perhaps why the title company told you "don't worry about the wife". And wife wouldn't sign on a security instrument where she wasn't in title. Hope that helps.

Reply by Nicole_NCali on 6/27/05 10:33pm
Msg #48351

Thank you so much Titlegalca. I sometimes just go on automatic with most of my refi's but sometimes I see variances and I like to know the reason why I am doing what I am doing.

Reply by TitleGalCA on 6/27/05 10:52pm
Msg #48355

Nicole, it's my pleasure to give a bit back (from another perspective) to what ya'all teach me in being a good signing agent. What goes around, comes around. Sounds like you are good at what you do