Posted by BossLadyMD on 2/28/12 7:28pm
Msg #413433

NBS on rental/investment property

Hubby bought the house years ago when he was single. He's refinancing now and wants to put his wife on the deed. Does she sign the normal docs that the non-borrowing spouse would sign for a primary residence? I don't get too many of these. Thanks.

Reply by Linda_H/FL on 2/28/12 7:38pm
Msg #413434

State-specific information...check with hiring party n/m

Reply by OR on 2/28/12 7:43pm
Msg #413435

Yes If the lender put her on title she signes the DOT, RC, TIL. In Oregon they use a Stationary form called a Bargain and Sell Deed.

Reply by BossLadyMD on 2/28/12 8:01pm
Msg #413436

Thanks for the info. In MD, she has to sign the NBS docs as usual.

Reply by NJDiva on 2/28/12 9:48pm
Msg #413444

Yeah, I was going to say, I just had one tonight that had

to sign NBS doc's.

Reply by Margaret Paddock on 2/29/12 12:15am
Msg #413452

It would depend on how title/escrow wrote the loan.
If the paperwork is unclear then you should call for advise.

Normally if she applied for the loan along with him then she would also be a borrower, if not then she is a non-borrower. Sometimes the names are printed at the top of the application and that would tell you but not all loan companies do that.

When in doubt it is always best to call.

Reply by Ernest__CT on 2/29/12 2:24am
Msg #413458

It is NEVER our call!

We do not make decisions about who "should" sign! We must follow instructions. Unless we are attorneys authorized to practice law in the state in which the property is located, we must NOT give legal advice.

If the title company (for example) did not know that the borrower was married, it could be argued successfully that it is our job to tell the company that hired us that the borrower is married. Period. Beyond that, it's Unauthorized Practice of Law.

Reply by JanetK_CA on 2/29/12 3:47am
Msg #413462

Re: It is NEVER our call! Right - & what Linda said

VERY state specific. Depends on if it's a community property state, etc. The laws governing spousal rights, etc., seem to be all over the place. I recommend getting clarification - in writing. If not possible in time, I'd go with what's on the signature lines. Unless a state as some kind of notary law related to this issue, I would agree with Ernest that it would be UPL for us to make these kinds of determinations.

Reply by NJDiva on 2/29/12 3:06pm
Msg #413526

Just to be clear...the NBS WAS on the doc's of my closing... n/m

Reply by BossLadyMD on 2/29/12 9:01pm
Msg #413575

Same thing here...NBS was on the docs, thanks n/m

Reply by Pat/IL on 2/29/12 8:48pm
Msg #413572

"Hubby bought the house years ago when he was single. He's refinancing now and wants to put his wife on the deed."

If the wife has ownership interest in the property at the time the loan documents are executed, or if they are filing a deed concurrently with the mortgage, then the spouse will need to sign the mortgage, at minimum, and most likely other documents as well.

If there is to be a change in title holding at this time, both the lender and the title company will need to know in advance. Both lender and title will want her to pledge her interest in the property.

If the the wife's addition to title is not in the immediate plans, it should not be an issue to your loan signing. If she takes title at a later time, her ownership interest will, in most jurisdictions at least, be taken subject to the prior interests of the lender.

Non-borrowing, non-titled spouse may be state specific, but non-borrowing, titled spouse is not.

This is not advice, legal or otherwise. Of course, check with the hiring party for specific instructions.