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I'm trying to understand the vesting worksheet, california,

Customer Question
Hi.I'm trying to understand the...
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: 1 year ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/28/2016
Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago
Attyadvisor
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7,734
Experience: 30 years of experience in General Practice, Real Estate Law and Estate Law.
Verified

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

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Customer reply replied 1 year ago
Thank you
Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago

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

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Customer reply replied 1 year 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 reply replied 1 year ago
I have attached the sections of the form i'm not quite sure how to fill out
Customer reply replied 1 year ago
My mother and I are both married. Our spouses will be signing an interspousal deed
Real Estate Lawyer: Attyadvisor, Attorney replied 1 year 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.

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Customer reply replied 1 year 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?
Real Estate Lawyer: Attyadvisor, Attorney replied 1 year 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.

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Customer reply replied 1 year ago
Ok. So the term "joint tenants" is only with regards ***** ***** and title and not actual residency?
Real Estate Lawyer: Attyadvisor, Attorney replied 1 year 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.

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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year ago

Don't worry about residency.

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Real Estate Lawyer: Attyadvisor, Attorney replied 1 year 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.

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Real Estate Lawyer: Law Educator, Esq., Lawyer replied 1 year ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 121,086
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.
I am a DIFFERENT CONTRIBUTOR as your previous contributor had to leave.
Did you have some other question that was not yet answered for you?
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Law Educator, Esq.
Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 121,086
121,086 Satisfied Customers
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

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