Property Q&A in Los Angeles>Question Details

therm69, Home Owner in Los Angeles, CA

I'm listed as the owner on the Grant Deed but I'm not on the loan, can the other party short sale the property without my knowledge or permission?

Asked by therm69, Los Angeles, CA Tue May 8, 2012

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Answers

10
No, But you need to find a real estate attorney to check the laws in regards to your rights.

Neal Grusky Estates
DRE# 01890580
Hpremiere Properties
Real Estate and Financing
10940 Wilshire Blvd. Suite 1600,
LA, CA 90024 | Office:
(800) 652-1768
| Fax: (800) 652-7604
http://www.hpremiereproperties.com
1 vote Thank Flag Link Wed May 9, 2012
No is the simple answer to that. As has already been stated you need to be more concerned about the house getting foreclosed on. That can happen virtually without you knowing since you are not on the loan. If that were to happen you would lose any interest in the property you might have. And there may be a stretch of the law where you are liable for certain debts such as property taxes. Consult an attorney to protect yourself.
1 vote Thank Flag Link Tue May 8, 2012
No they can not complete a Short Sale without your permission.

Professionally,
Brian Selem
Short Sale Expert - Over 20 Years Experience
Coldwell Banker
11999 San Vicente Blvd #100
Los Angeles CA. 90049
310-442-1644 Office
310-995-9562 Cell
B.Selem@verizon.net
http://www.WLAProperties.com
1 vote Thank Flag Link Tue May 8, 2012
You should speak to an attorney asap to determine the impact of foreclosure to you and whether quit claiming would benefit you
1 vote Thank Flag Link Tue May 8, 2012
Hi Therm69:

If you are on the Grant Deed, you will have to sign off on the Grant Deed when the property sells. So, the answer is NO.

Hope this helps.

All the best,

Kat Becker, Realtor
Prudential California Realty
katbecker@prula.com
1 vote Thank Flag Link Tue May 8, 2012
If you are on the grant deed, ultimately they will need your signatures when they sell the property. They would not be able to sell without you signing and notarizing the deed over to the buyer or new owner. The short sale lender will need the information from whomever is on the loan.

Sara Mehrpouyan CDPE
Specializing in Foreclosure & Short Sale
Rodeo Realty
Direct: 818-903-2040
Dre License #01712757

Visit: http://www.Short-Sale-Vs-Foreclosure-Help.com
1 vote Thank Flag Link Tue May 8, 2012
No. You would need to sign a Quit Claim Deed to transfer the property title to the one on the loan in order to short sale the property.

Douglas Perez
(213) 375-8741
1 vote Thank Flag Link Tue May 8, 2012
For short sale to happen, the owner on the record must agree and sign all the papers. However for bank to foreclose on a property there is no permission or consent needed. Once payment are not made the bank can foreclose the property.
1 vote Thank Flag Link Tue May 8, 2012
No they cannot. It is possible for the person on the loan to apply for the short sale but one of the criteria for short sale approval is that the property be listed by a realtor in the mls. The lender asks for a copy of the Listing Agreement and the MLS Set up sheet and that agent cannot do that without your signing the Listing Agreement as you are on title.

Also, when the short sale approval is granted and escrow is opened, both escrow and title need your signature on all docs, including the purchase agreement. It is not possible for this property to be sold without your knowledge. I would be happy to assist you further if needed. Contact me directly if you do.

Sincerely,
Richard "RJ" Kas (SFR, SRES)
"Representing the finest properties from Los Angeles worldwide"
KAS Properties - Coldwell Banker Previews International - Beverly Hills South
166 N. Canon Dr, Beverly Hills, CA 90210
310.859-5334 office - 310.488.9826 mobile - 310-273-0690 fax ATT: RJ
RichardKas@gmail.com - http://www.RJforLA.com - DRE: 01352771
Sellers Buyers Investors Leasing Consulting
1 vote Thank Flag Link Tue May 8, 2012
I think the way to phrase it is they cannot sell, no matter what the mortgage balance is, without your signature.

The title company cannot insure a new policy unless the chain of title is correct.

The bank can forclose without your consent if the payments are not made.

Best of luck!

Fred Glick
DRE #01507615
415-683-6950
Web Reference: http://fredglick.com
1 vote Thank Flag Link Tue May 8, 2012
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