Legal Question in Real Estate Law in Virginia
Loan
Recently, My children applied for a loan using my home as security interest. I added their names to my property by deed of gift. The bank is saying that my daughter's husband has to sign something in the loan papers even though he is not a borrower or has his name on the deed. The bank says it is a law in the State of Virginia that he has to sign. Any idea what this law is???
2 Answers from Attorneys
Re: Loan
The bank is probably thinking about the husband's dower/curtesty rights, which were abolished years ago. There is no reason for this any more, and it is illegal under the Equal Credit Opportunity Act to require a spouse's signature where not necessary to perfect the security interest in the collateral.
Re: Loan
While I agree with what Mr. Press stated, it appears that you added your daughter and son-in-law "by deed of gift". Consequently, his name is "on the deed". Because son-in-law is on title, he would need to sign a deed of trust and related documents--but not the loan documents.
I hope this helps.
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