Non-borrowering-non title spouse - sign CD?

Posted By: City Girl

Non-borrowering-non title spouse - sign CD? - 12/18/17 07:39 PM

Does a non borrower-non titled spouse required to receive and sign the CD? The property is non rescindable because it is investment property. Do the Homestead rules apply?
Posted By: DoS

Re: Non-borrowering-non title spouse - sign CD? - 12/18/17 09:31 PM

There are no requirements to have the CD signed. if it's an investment property are you sure it's subject to TILA?
Posted By: Adam Witmer

Re: Non-borrowering-non title spouse - sign CD? - 12/19/17 12:28 PM

I agree with DoS as the CD is never required to be signed - it is just a matter of your policy.

TRID does not require the disclosure of a CD to a non-borrower/non-titled spouse, but your state law might.
Posted By: rlcarey

Re: Non-borrowering-non title spouse - sign CD? - 12/19/17 01:46 PM

City Girl already acknowledged that rescission does not apply under TILA and this is posted in the MN State forum, so the question is already about State law. Give the girl a break smile

If this property is owned by one spouse and is not their homestead, then it does not appear that the other spouse needs to be involved in the transaction at all.

https://www.revisor.mn.gov/statutes/?id=507.02
Posted By: Adam Witmer

Re: Non-borrowering-non title spouse - sign CD? - 12/19/17 01:53 PM

Thanks, Randy. I missed that this was in a state forum. smile