This question comes up more often then you think. This applies to California Real Estate purchases. I recieved this email from a fellow member of the Active Rain Network last night and wanted to share.
Greetings Mr. Andersohn, I hope this message reaches you doing well. I came across your Blog on Active Rain, great info – thank you! Recently a borrower called asking me if she could buy an investment property in her own name. Sure, I said…asking if she was married. She said she is married, then I proceded to say that her husband would sign the interspousal transfer deed, thus removing his interest in the property since he is not going to be a party to the mortgage.
She then advised that her ‘attorney’ said she could own this investment property as her own, without having him sign anything since the “funds” for the down payment, etc are from non-comingled funds. WOW!. I advised that I had not heard of such a thing in California, stating that since we are a community property state, what she buys and owns is also the property of her spouse, hence to own in her name only (Married woman sole and seperate), he would need to sign the interspousal transfer deed.
What are your thoughts, comments, etc? I will definately keep your office in mind should I come across a closing need in the Northern California area. Thank you again for time and attention to my question, I appreciate it.