I agree with Roland.
Get some legal advice!
Some couples have unique situations, as to why
they would not have there spouse on title. It could be for debt, personal reasons, etc...
Most add their spouse on title after the close of escrow if they are not on the loan.
Thank you for the question.
Hope this helps!
Davey & Associates Real Estate Inc.
After your home is purchased you can add your wife's name to the title.
There are several ways to hold title to your property. A short summary is at
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Over 1,000 homes sold in Santa Clara and San Mateo Counties
First of all, anyone that says that a real estate agent, a loan officer, or a an escrow officer can offer you reliable advice is simply wrong. Not just wrong, but seriously legally wrong. Only an attorney, expert in this issue, can advise you. Anyone else is practicing law without a license.
Having said that, when faced with this issue, since California is a commutity property state, I have usually included both parties in the contract, even though only one is on the loan. Then, the title company and bank have accepted paperwork that acknowledges that both parties are on title, even though only one is on the loan.
Regardless, a real estate attorney should be consulted for proper advice.
There is conventional wisdom; then there is reality. Conventional wisdom is that the purchase contract buyers names should match the loan documents names.
Reality for the buyer as to what is best, and therefore what the lender should go along with, however, depends on many factors, such as the credit score and earning capacity of each purchaser, which determines the ability to get the loan (the spouse on the loan may need other off title because thtat spouse on title may lower borrowing capacity of the couple); the risks to the spouses from lawsuits (doctors will often have only the spouse on title when possible in order to avoid a threat to the house from a suit for malpractice. Entrepreneurs may only have the spouse on title in case their business fails and they want to keep the home when going through bankruptcy.); intents with regard to inheritance (joint tenancy with right of survivor-ship in order to ensure surviving spouse receives the property with no muss and no fuss vs. other forms of title holding), ability to prevent one spouse from encumbering the property without the other's permission (community property v other forms of title, very important if one spouse is bipolar or has an addiction history and may go on a spending and borrowing binge) (also important to ensure surviving spouse gets the property with no muss or fuss) to name a few common considerations.
It is a really good idea to have a real estate, estate planning, and/or tax attorney explain the advantages and disadvantages of each form in which a married couple can hold title if you as a family are wealthy or may turn into wealthy. By national standards, if you can afford a home in here in anywhere California, other than the desert and central valley, you are wealthy.
Your loan officer, you, and your spouse, should go over these considerations. If your loan officer is worth his or her salt, he or she will design a loan application and resulting loan that lays to rest your concerns no matter what method you seek to hold title. Speaking as both a realtor and loan officer, this is really a matter of loan officer expertise, not realtor expertise.
A public forum like Trulia is not the place to divulge the circumstances of your life that would make an answer to your question more useful. If you want to discuss your question offline, you may call me at 408-639-0211.
I hope your new home serves your needs and gives you years of enjoyment.
You'll have to eventually have to add her to many important documents and such, but it there shouldn't be any problems.
Hope that helps,
You're real estate agent and mortgage broker should be able to advise you. The lender will want only the parties that are named on the loan to be on the contract.
After you have closed escrow you can go to the county recorders office and add your wife to the title or put it in the name of your family trust. You should ask an attorney on the best way to hold title.
As a reply to Claudia you asked: "Then how will we get her name on the title?"
An Interspousal Grant Deed is many times used to easily transfer real property between spouses so the property is not reassessed for tax purposes. Ask your Escrow Officer now about doing this once escrow has closed.
Claudia is correct -- the party(ies) on the Purchase Agreement and Addenda should match the party(ies) on the loan application. If you wife's name is already on the Purchase Agreement, most lenders will ask for an Addendum removing her from the transaction.