Legal Question in Real Estate Law in New Jersey

tenants in common

I own shore property in NJ with my 3 adult children who each have own separate primary residence. I am selling my primary residence. The shared property will now be my primary residence. I have a home equity on my current residence which I do not want to satisfy at closing but transfer to shared property. This is ok with bank. The bank main office is in Pennsylvania. The bank states over telephone the loan is in my name only but the mortage papers bank sent require each of my 3 children to sign. The mortage paper will be filed with their names on it. Children do not want to sign and have my loan appear on their credit checks which might cause a denial if they need other financing. My share of property is greater than loan amount. Is it required in NJ that all tenants in common sign loan agreement by one owner? Did the bank prepare this mortgage agreement according to NJ tenants in common law?


Asked on 4/10/01, 10:07 pm

2 Answers from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: tenants in common

What is normal for one lender may not be normal for another, although it is permissible for the lender to require the signature of all owners. Shop around. You may be able to find someone who would require only you on the mortgage, although it may be difficult. If you want to speak with me further about this, call me at 856-546-8010. Mention LawGuru and your first consultation is free. Good Luck! Rob Gleaner

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Answered on 6/11/01, 7:16 am
Peter R. Brogan Peter R. Brogan, Esq.

Re: tenants in common

The bank would normally require all record owners to sign the mortgage in order to protect their first lien position. If you wish to discuss further please contact me at (908) 276-1100

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Answered on 6/09/01, 11:18 am


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