Brookenstein
Member
What is the name of your state? CA
We are trying to get our financial ducks in a row to separate.
We started the assumption process about 10 days ago. We received our commitment letter on Saturday. In the items required before closing, #7. Non borrowing spouse to divest interest in subject property. Also, item #1 required at closing is a copy of the recorded deed in name of applicant only.
I talked to the lender today, but she wasn't real helpful. She said #7 was just a form of theres to be signed in final documents. She then said that I would need to file the quitclaim deed at the courthouse myself before closing. She said to go to an office supply store and just pick up a form and then fill it out and file it, then send her a copy. I also looked at this sample one http://www.uslegalforms.com/samples/CA/CA-01879.pdf which I kind of liked better than the one I bought at Staples. But then I wondered what is "Exhibit A". After searching the forums here, I'm concerned that I would be filling it out unassisted. I've read about contacting a title company or attorney to help do it. Part of me thinks that the fee we pay for the assumption should cover it.
Is it normal for the person to have to do the quitclaim prior to closing and not be done by the lender? Is this something that I can do on my own or do I really need to contact someone, and if so who? Also, we bought the house in August and should be getting out supplemental tax bill anytime. Does this change of ownership make us liable for even more taxes?
I'm leaving on vacation Wednesday for 2.5 weeks and was hoping to get all my stuff taken care of before I leave.
We are trying to get our financial ducks in a row to separate.
We started the assumption process about 10 days ago. We received our commitment letter on Saturday. In the items required before closing, #7. Non borrowing spouse to divest interest in subject property. Also, item #1 required at closing is a copy of the recorded deed in name of applicant only.
I talked to the lender today, but she wasn't real helpful. She said #7 was just a form of theres to be signed in final documents. She then said that I would need to file the quitclaim deed at the courthouse myself before closing. She said to go to an office supply store and just pick up a form and then fill it out and file it, then send her a copy. I also looked at this sample one http://www.uslegalforms.com/samples/CA/CA-01879.pdf which I kind of liked better than the one I bought at Staples. But then I wondered what is "Exhibit A". After searching the forums here, I'm concerned that I would be filling it out unassisted. I've read about contacting a title company or attorney to help do it. Part of me thinks that the fee we pay for the assumption should cover it.
Is it normal for the person to have to do the quitclaim prior to closing and not be done by the lender? Is this something that I can do on my own or do I really need to contact someone, and if so who? Also, we bought the house in August and should be getting out supplemental tax bill anytime. Does this change of ownership make us liable for even more taxes?
I'm leaving on vacation Wednesday for 2.5 weeks and was hoping to get all my stuff taken care of before I leave.