Posted on: 16th Mar, 2009 07:51 pm
my wife and my brother are co-signers in a loan document. we are legally married and escrow officer is asking me to sign a quitclaim deed on her behalf. is this necessary to close escrow. vesting is as tenants in common.
Hi Guest,
Are your wife and brother included in the title to the property? If no, then you would be required to sign a quitclaim deed to add them to the title. As they are co-signing on the loan doc, the lender is expected to have you sign the deed to add them to the title so all of you become responsible for the loan and if the property needs to be foreclosed in case of a default, the lender can easily foreclose on the property.
Are your wife and brother included in the title to the property? If no, then you would be required to sign a quitclaim deed to add them to the title. As they are co-signing on the loan doc, the lender is expected to have you sign the deed to add them to the title so all of you become responsible for the loan and if the property needs to be foreclosed in case of a default, the lender can easily foreclose on the property.