Legal Question in Real Estate Law in North Carolina
Real Estate Closing Question
I am a veteran getting a VA loan, I am the only one on loan. Why is it my wife has to be at the closing and sign paperwork? Been told she has marital interest in property even though she isn't on the loan. I would see that as a joint property marital state. Why does she have to sign away at the closing like I am being told she does?
1 Answer from Attorneys
Re: Real Estate Closing Question
The simple answer is that in NC, spouses have marital rights in the property meaning if you die, she could elect a life estate in real estate that you owned. In order to ensure that there would be no problems in foreclosing, Lenders need to have both signatures on the deed of trust. If you got divorced, your wife would have no interest in the property. It is also possible for her to sign a free trader agreement waiving any marital rights and then she would not have to sign in the future.
- Jeff
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