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Nontwach, Home Buyer in

I bought a house with my friends 3 names on title, but the loan only under my friend name. what if we sell, does it need all our signature?

Asked by Nontwach, Sat Dec 17, 2011

I ( non-resident) bought a two unit multi family building in san francisco with my friends. We signed 3 names on title(2 American and one foreigner)
but the loan is only under one of my friend name then we will pay the mortgage by the rent.

what if we or one of us want to sell the house , does it need all our signature to complete the sell?
is the ownership of the house will belong to my friend since he is the only one who get the name of the loan

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Answers

15
Gabriel Rojas’ answer
Whatever you do, only consult an attorney who practices real estate law! There is good feedback here but as real estate agents or Realtors we cannot give legal advice.

Call a real estate attorney.
3 votes Thank Flag Link Mon Dec 26, 2011
It only takes one on title to List the home, however it takes all parties on title to sell the home.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealty.com
http://www.socalhomesrealty.com
California Department of Real Estate Broker License # 01312992
1 vote Thank Flag Link Tue Dec 20, 2011
In order to sell, everyone on title needs to sign. This is not that much of a problem as long as all 3 of you agree. If your situation becomes complicated, then consult an attorney who practices real estate law.
0 votes Thank Flag Link Sun Mar 4, 2012
To legally sell, everyone on title has to sign.
.
0 votes Thank Flag Link Sat Dec 31, 2011
You actually need all the owners to agree to list and sell the property. If there is a power of attorney, this may be slightly different. Consult a local real estate agent or possibly a real estate attorney.

Good luck,
Heather Paul, Realtor
Coldwell Banker
310-586-0364
0 votes Thank Flag Link Mon Dec 26, 2011
1 to buy and all of them need to sign to sell. You may want to seek legal advice.
0 votes Thank Flag Link Mon Dec 26, 2011
Hi,

Is the property underwater? If it is then you may have other things to consider besides who is on title (which is important) as there will be tax implications, possible deficiency, and other issues.

What are you goals as a group? Or individually?

Best regards,
Keith Rockmael
Real Estate Advocate
Web Reference: http://bayarearesource.com
0 votes Thank Flag Link Sun Dec 18, 2011
You should ask an attorney this question. They would need to see how you hold title. This situation sounds as if there could be proplems if there is a falling out because there is no legal written agreement between the partners referenced.
The property is owned bu the people recorded on the title documents. The loan is recorded as a lien on the property so that when the property is sold the loan is paid off.
0 votes Thank Flag Link Sun Dec 18, 2011
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
Contact
Email me - I'll be happy to list it for you.
0 votes Thank Flag Link Sat Dec 17, 2011
Yes all owners of record will need to sign. If you ever need to do a loan modification or short sale; the lender
will require the borrower, the person on the loan. If one or two of the partners no longer have interest; have
the title company prepare a quit claim deed to remove them from title. soval@att.net

Bev Smucha
Office: 415-565-4498
Direct: 415-585-0343
cell: 415-699-0941
Lic.#00855950
e.mail: soval@att.net
0 votes Thank Flag Link Sat Dec 17, 2011
The manner in which you hold title dictates who must sign. If you are joint tenants you will all have to sign. If you are tenants-in-common you can probably sell your portion on your own but the others will retain their portions. There are other possible ways in which you could hold ownership of the poperty. You should get this sort of thing, figured out before you buy.
0 votes Thank Flag Link Sat Dec 17, 2011
Nntwach,
I agree that if you sell it outright you will need to get all 3 on title to sign. Depending on how the home is vested, individuals may be able to sell their interest in the property. See if you own in as Joint Tenants or Tenants in Common and research these terms. You may have certain rights or responsibilities depending on how you signed.
For more information on which way you signed, you would be best to get an attorney’s advice.
0 votes Thank Flag Link Sat Dec 17, 2011
Everyone on title has to sign.
0 votes Thank Flag Link Sat Dec 17, 2011
Hello Nontwach-

The names on title show who owns the property and if the property is to be sold, everyone would have to sign in order to sell it. If there are issues regarding the sale and the other people, you should consult a qualified real estate attorney.

Thanks-

Rich Bennett, Realtor
415.305.4911 cell

http://www.76-78Prosper.com http://www.115-117States.com

Zephyr Real Estate
DRE#01358540
0 votes Thank Flag Link Sat Dec 17, 2011
As I believe, anyone on the title need to sign. That is the way to prove that you all agreed to sell the property.
0 votes Thank Flag Link Sat Dec 17, 2011
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