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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 115462
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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I'm trying to understand the vesting worksheet, california,

Customer Question

Hi.I'm trying to understand the vesting worksheet
JA: Where is the property located?
Customer: california
JA: Has any paperwork been filed?
Customer: yes, we're suppose to close escrow on friday and during my review of the final paperwork i noticed the forms said joint, So im not sure if i completed the vesting sheet correctly My mother and I are purchasing a home together. I'm the borrower and she's the co-borrower. I will not be living in the home. My mother will be the primary resident
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 7 months ago.
Category: Real Estate Law
Expert:  Attyadvisor replied 7 months ago.

Welcome and thank you for your question. I will be the professional that will be assisting you.

Customer: replied 7 months ago.
Thank you
Expert:  Attyadvisor replied 7 months ago.

If you can attach the forms or let me know your questions it would be my pleasure to assist you

Customer: replied 7 months ago.
I'm not quite sure if I completed the vesting sheet correctly. I will attach the form.
Background:
My mother and I are purchasing a home together. I'm the borrower and she's the co-borrower. My mother will be the primary resident and I will not be living there.
Signing escrow papers tonight. During review of the forms I noticed it said "joint tenant" throughout the forms.
Customer: replied 7 months ago.
I have attached the sections of the form i'm not quite sure how to fill out
Customer: replied 7 months ago.
My mother and I are both married. Our spouses will be signing an interspousal deed
Expert:  Attyadvisor replied 7 months ago.

Since she you are both on the loan you both would be on the title (deed) vesting is the way you hold title for example joint tenants with rights of survivorship. This means that if one joint tenant were to die the real property would pass to the survivor without probate. Let me take a look at what you attached.

Customer: replied 7 months ago.
For status:
I believe it should be "A married Woman as her sole and separate property)For Vesting:
Is it joint tenants even though I will not be residing in the property?
Expert:  Attyadvisor replied 7 months ago.

At least initially Joint tenants would be the best since it avoids the real property going through probate. The lender will require both of you to be on title when the loan is signed. We can discuss transferring the title into her name alone in the future if that is what she would like to do.

Customer: replied 7 months ago.
Ok. So the term "joint tenants" is only with regards ***** ***** and title and not actual residency?
Expert:  Attyadvisor replied 7 months ago.

For status you are looking at marital status. For example if your mom is divorced you would use the language on the worksheet. If you are single you would use that language. You each set out your status and choice Joint tenants with rights of survivorship, The works sheet only shows joint tenants but add the language with rights of survivorship to avoid probate.

I hope that makes sense.

Please do not hesitate to ask me any additional questions that you may have with regard to this matter as it would be my pleasure to assist you.

If you would be kind enough to rate my service positively so I will receive credit for my work I would appreciate it.

YOU DO NOT NEED TO PROVIDE A NEGATIVE RATING TO RECEIVE A REFUND.

Expert:  Attyadvisor replied 7 months ago.

Don't worry about residency.

Expert:  Attyadvisor replied 7 months ago.

Please let me know if you were unhappy with my service so I can request a refund for you. The attorneys do not receive credit for their time and work if the customer does not rate them positively. Thank you for your consideration.

Expert:  Law Educator, Esq. replied 7 months ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
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