Legal Question in Real Estate Law in California

Real Estate Law: Holding Title

My brothers and I were gifted an apartment building by our parents. We created an LLC. We hold title as ''married men, sole and separate property. We are looking to purchase an investment property with money, new loan, from the LLC. Can we take title without involving our wives in a quit claim deed? This is in California


Asked on 5/12/09, 2:32 am

1 Answer from Attorneys

David Gibbs The Gibbs Law Firm, APC

Re: Real Estate Law: Holding Title

Its not a good idea to buy property which is intended to be sole & separate property without obtaining a deed from your wives. You'll find that if you are taking title in that manner, and you use a title company, they will insist that your wive's sign off. Further, if you are borrowing money, the lender may also require them to sign off. Its not so much a legal issue, as one of liability - and the title company and lender are very conservative when it comes to un-documented interests such as community property interest, so it is almost a certainty that they will require their waiver of interest.

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Answered on 5/12/09, 12:55 pm


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