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Wife purchased a house (prior to our marriage) and she is now selling it to her sister. However, my signature is required on two documents, a general warranty deed with assumption and a cash settlement statement. Is this normal?
just a basic transfer (quitclaim deed) i see no liability on your part
is she assuming a mortgage?.... if so you will be on the hook if she fails to make payments?
is the mortgage solely in your wife's name?... doesn't matter.... if you are married you are on the hook for your wife's loans too
if so, your credit score will go down every time she pays late
more details please
is she assuming a mortgage? My wife is currently on the mortgage, however she is selling the house to her sister for the price of the standing mortgage balance.
if there is no loan on this house then there is nothing to worry about
if there is a loan?, well I have never heard of a bank or private lender releasing any of the borrowers when a new borrower assumes the loan
lenders love loan assumptions because it increases the number of people on the hook for the payments
if the lender is releasing you and your wife from any financial responsibility then it needs to say that in writing
don't wait till you get to the lawyers office and try to read these documents while they are standing there, request a copy of all documents 48 hours in advance so you may review them at home slowly
Location: Stuck on the East Coast, hoping to head West
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I wonder if it has something to do with Texas being a community property state? I realize that since your wife bought it before you were married, it would be her property, but still.......
OP said his wife was selling the house for the price of the mortgage balance - that doesn't necessarily mean the sister is assuming the loan. She may simply be paying off the balance of the mortgage loan. People are making assumptions here.
don't wait till you get to the lawyers office and try to read these documents while they are standing there, request a copy of all documents 48 hours in advance so you may review them at home slowly
You should get them in advance, but you still need to reread them before you sign. Everyone can just twiddle their thumbs while you do it. Get there a few minutes early.
Never sign something you have not read, especially legal documents where large sums of money are at stake.
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