Posted by CopperheadVA on 11/9/10 7:51pm
Msg #360451

Question for CO notaries

I'm doing a purchase for a CO property on Thursday. I'm just curious if there's anything particular to CO I need to know. I'm pretty sure CO is not a witness state. One thing I'm curious about - here in VA a married person can own a property and if spouse is not on title then spouse does not sign any of the docs. Is that they way it is in CO?

Reply by Doris_CO on 11/9/10 10:02pm
Msg #360457

Check with the company that hired you on that question. Most of the time, the spouse is treated as a non-borrowing spouse and signs the RTC, TIL, etc. But, I've also had a few where the spouse didn't sign. There isn't any rhyme or reason, just what the title company and/or lender requires. Some title companies treat Colorado as a Homestead state, some don't. I've tried to check with the Colorado SOS about this and they were clueless. Now, I just go with what the title company requires.

Reply by PAW on 11/10/10 6:59am
Msg #360475

FWIW, here is what Stewart Title has to say about "spousal rights" in Colorado:

Colorado does not have dower and curtesy rights.

Colorado is not a community property state.

Colorado has an automatic homestead exemption if the occupancy and type of property meet the statutory requirements. C.R.S. 38-41-201 When the owner of the property is married and the spouse does not also hold title to the property, then the spouse may homestead the property. This is done by recording a declaration of homestead in the county where the property is located. C.R.S. 38-41-202 If a declaration of homestead is recorded then the title commitment will need to make a requirement for execution of the deed or deed of trust by the non-owner spouse. Typically there is no recorded declaration of homestead by the spouse and in those cases no signature by a non-owner spouse is necessary.

Reply by Linda_H/FL on 11/10/10 7:21am
Msg #360479

Okay...so it's like Florida

If it's their primary residence and they've "homesteaded" the property (specific filing at municipality or county office giving them an exemption on their property taxes) then the NOBS will need to sign off on all property affidavits and the Mortgage, Riders, TIL, RTC, and maybe the Itemization, HUD, Name Affidavits.

Reply by CopperheadVA on 11/10/10 7:36am
Msg #360481

Thanks everyone! n/m

Reply by Doris_CO on 11/10/10 9:15am
Msg #360493

I've only run into one closing where the homeowner knew they were homesteaded and that was just recently. But, most of the loans I've closed that have a NOBS have the spouse sign the docs associated with a non-borrower. I do highly recommend that you check with your title/lender on whether or not the spouse needs to sign NOBS docs rather then assume it's done a certain way.

Reply by Les_CO on 11/10/10 10:07am
Msg #360499

As Paul said in CO if it’s the primary residence, and there is a non-borrowing spouse, unless the nbs signs the dot, (that usually contains language where the signers give up their homestead rights) there could be a $45 thousand Homestead exemption. I say that the Lender, the LO, and Title have had months to work on the file, they also have legal departments to advise them. If I get a signing on a CO property with only one person named in the docs, that’s the way I have them signed. Who am I to give legal advice to the lender? Unless it’s a case where the borrower says we just got back from Las Vegas and were married there, I’m sure not going to call the LO from the table, and ask him if he knew these people were married for the past twenty years. I just have the package signed as per instructions. JMO

Reply by CopperheadVA on 11/10/10 4:30pm
Msg #360635

Thanks Les! n/m