Posted by Kay/IL on 8/18/09 7:39am
Msg #300537

IL Notaries - Investment Property Questions

Is the signature of the borrower's spouse required on investment property solely owned by the borrower when refinancing? If so, on which documents?

Thanks!

Reply by PAW on 8/18/09 8:07am
Msg #300541

Disclaimer - This is not legal advice.

Since dower and curtesy were abolished in Illinois (755 ILCS 5/2-9) and Illinois is not a community property state, I would have to say no, if the borrower is the sole owner (on title) to the property. Even though Illinois does have a homestead laws, I don't think they would apply in this situation.

Reply by Bob_Chicago on 8/18/09 8:56am
Msg #300548

Correctamundo, but I believe a better answer would be...

if spouses name is not on dox, check with the hiring entity.
You can say something like "I don;t believe that spouse needs to sign anything,
but I just wanted to check to be sure."
As I understand it, Il law requires a spouse , not on title, to sign "legals"
ONLY if it is the principal residence. Not legal advice, yada yada

Reply by FAN_IL on 8/18/09 11:15am
Msg #300590

I agree w/ Paul & Bob. Nevertheless, I recently did a closing in Illinois for a Montana property that had been owned in a trust by a man before he married, and the title company specifically requested that the spouse sign the security instruments. So I guess it's always wise to ask.

Reply by Pat/IL on 8/18/09 1:13pm
Msg #300615

I agree with Paul and not so much with Bob and Fayette. If the property is outside of Illinois, okay, maybe a phone call wouldn't hurt. If the property is within Illinois, you know it's investment property, you know there is no spouse on title, and there are no instructions regarding a spouse, then I don't see the point in wasting everybody's time with a phone call.

Reply by Kay/IL on 8/18/09 2:11pm
Msg #300632

Thanks everyone! n/m