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lkassis
Iowa
60 Posts |
 Posted - 11/22/2006 : 02:50:07 AM
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Homestead, Dower and Community Property are all terms you will find. Each means a little bit different thing. These are not notary or SA items. These pertain to how the property is recorded and how a mortgage lien is held as well as possible spousal rights to the property. These are real estate law items.
If you do a search for 'Homestead State' there is another bit of info on this topic from August.
When I first started as an SA, this question came up in my instructions for a signing. I contacted the company that hired me and asked them to explain and advise me. Three years later I am getting order confirmations telling me to be sure to note whether I am in a spousal state and have spouse sign accordingly. After three years I do know the answer but it is neither my duty as an NSA or within Notary laws for me to know and advise on this. I do know the answer in my state and do consider it a courtesy to my customers to be knowledgeable about this type of information.
At a minimum in a spousal state(Dower, Homestead or Community Property), a spouse will sign the Mortgage/DOT, Right to Cancel, Truth in Lending. Additional items I have seen required by different lenders is the Itemization of Amount Financed, as well as the Indemnity Affidavit (Title Doc).
What state are you in, John?
Linda Kassis
Midwest Notary Association
www.mwna.net
Nothing in my posts should be construed as legal advice. I am not a licensed attorney in any state. |
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n/a
2 Posts |
Posted - 11/21/2006 : 9:46:28 PM
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What is a homestead state, how do you know which ones are a homestead state, what loan signing docs are effected by being a homestead state
Thanks
John |
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Homestead State
