Home Buying in San Jose>Question Details

RyanB, Home Buyer in San Jose, CA

My wife and I are buying a house, but only my name is on the loan. Should her name be included on the purchase offer?

Asked by RyanB, San Jose, CA Mon May 6, 2013

Help the community by answering this question:

Answers

15
No. The contract should match the loan documents!
3 votes Thank Flag Link Mon May 6, 2013
Thanks for the response. Then how will we get her name on the title?
Flag Mon May 6, 2013
I agree with those who have said that whoever is on the loan should be on the offer, but that is half the story. You may want your wife on title - holding ownership in the property. HOW to do that is not something an agent or lender can tell you. Yes, they can define what each of the options for title is, but they cannot under any circumstances (unless they are an attorney) advise you as to which one is right for you. EVERY home buyer should consult their attorney before making a decision on issues like this.
1 vote Thank Flag Link Mon May 6, 2013
Your agent should know this answer. Your contract matches your loan documents.
Web Reference: http://www.TerriVellios.com
1 vote Thank Flag Link Mon May 6, 2013
I am purchasing a home my wife is not on the loan only she will be on the deed, how that affect to close this transaction. Should she be on the contract?
0 votes Thank Flag Link Thu Oct 31, 2013
flat registered with my wife name, who is the owner of this house for consideration of vastu
0 votes Thank Flag Link Sun Aug 18, 2013
Hi Ryan,

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!

Diana Valverde-408-693-7463
Davey & Associates Real Estate Inc.







Thank you,
Diana
0 votes Thank Flag Link Tue May 7, 2013
Most likely your lender will want the title to match the loan documents. Talk to your prospective lenders and ask them to explain the differences of having both or only you on the title. Your lender will be the most important factor at the time of purchase.

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
http://julianalee.com/buying/title.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650--857-1000

Over 1,000 homes sold in Santa Clara and San Mateo Counties
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Tue May 7, 2013
Hi RyanB,

You don't need to have your wife on the purchase contract since she is not on the loan. You can simply ask your escrow officer to add your wife to title once you close escrow.

Hope this helps.
0 votes Thank Flag Link Tue May 7, 2013
Hi Ryan,
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.
Good luck,
Roland
0 votes Thank Flag Link Mon May 6, 2013
RyanB:

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.

Mitchell Pearce
408-639-0211
mitchell@handsonrealtor.com
0 votes Thank Flag Link Mon May 6, 2013
We just did a transaction where the wife only qualified for the loan but they wanted both their names on the title. But we didn't add his name until the very end, doing so leaves out any confusion seller's might have while reviewing the offers.

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,
Thuan
Web Reference: http://thuanvnguyen.com
0 votes Thank Flag Link Mon May 6, 2013
It really does not matter if your wife is on the offer. If your offer will get accepted, you will have to talk to the title officer to make sure your wife is on or off the title.
0 votes Thank Flag Link Mon May 6, 2013
Hi Ryan,

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.

Best regards,
Irene
0 votes Thank Flag Link Mon May 6, 2013
Hi RyanB,

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.

See: http://definitions.uslegal.com/i/interspousal-transfer-grant-deed

-Steve
0 votes Thank Flag Link Mon May 6, 2013
Hi Ryan,

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.

Regards,
Drew.
0 votes Thank Flag Link Mon May 6, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer