I have a rescission question asked by one of my lenders that I am unfamiliar with and need guidance:

Couple purchased a home and had it deeded something like this (names are listed in the actual document)for easy title transfer in the event of death:'Husband and wife or life remainder to 2 sons as tenants in common.'

The home is the residence of the couple, and their sons live in another county. All 4 will need to sign the mortgage, but will the sons need to sign rescission documents?

Thanks for any help!

You need to verify the language on the deed exactly. If it's an "or" remainder, I don't think the sons have to sign anything because they're not in title until their parents die. Call your title company or the attorney doing the title opinion for clarification.

Either way, though - I don't think the sons will need to sign the rescission docs - they're not indebted on the loan, and the property is not their principal residence.

Thanks Truffle and Lestie for your answers. We were thinking along those lines, but it helps to have more than one opinion. We are also getting with the title company to verify wording in the documents.

Thanks again!