Posted by Tony-VA on March 09, 2000 at 15:13:40:
Simply ask her. Stop by and simply say that you just noticed that she had not signed one of the closing documents. Have her sign it like this is just a routine run of the mill task. The more you make of it, there more she will. As you are handing her the paperwork, keep chatting and ask how things are going with the home. How does she like the park etc. All the while handing her a pen and pointing to the highlighted line for her to sign. Have another copy for her to keep.
As for the title. Keeping the title in my name is not my preferred means of doing business. Why not put it in their name with you as the lien holder? You still retain the title. Yes you will have to reposses if they default but if they default, you are going to have to evict anyways. Generally my repos simply call me and surrender the home for the balance of the note.
By having the title in their name, I get my name clear of the property (accept for the lien). If the home becomes delinquent in lot rent, property taxes etc. the buyer who’s name is on the title is going to be on the hook. Additionally, by having their name on the title, and requiring them to have insurance, I remove myself from the liabilities they create. If someone falls off the porch, I want the home in their name when the civil suit hits.
Everyone can quote off the wall case rulings. One that I know of that happened to a contributing member of this site. A judge ruled that the sale of the home was not really a sale but rather a rental unit. The buyer sued and won the downpayment, claiming it was a Deposit. Now there may have been other factors involved, but I would feel a little weak walking in front of that judge with the title in my name.
I simply do not see any advantage to keeping the title in your name. It only costs $10 to get a repo title here in VA, once we have possession of the home. Just food for thought.
Tony-VA