Borrower/Co-Owner: In order to correctly capture the borrower/nonborrower/owner situation you would navigate to the Property Tab and select:
Selecting the highlighted will then give this prompt: "Please fill out Co-Owner information on the Borrower Page". On the Borrower Tab if you scroll further down on that page you will see a tab to "Add Co-Owner"
That will open the fields to enter co-owners one at a time. Make sure you select the entity type (corporation, individual etc), verify if they are using borrowers address or enter each address of co-owner), add signatories etc.
Make sure you also select the property that is owned, should there be more than just one property. You can do so by checking box next to Co-owner #1:
Once finished entered all the co-owners that are non-borrowers, please head back to the Property page to select to enter the correct vesting information by checking the box for "Title vesting at closing will be other than as shown above" and enter all the OWNERS of the property as per your liking (interest percentages go into this field).
As it pertains to the non-standard vesting, the co-owner/non-borrower would execute the deed of trust and that document includes language that addresses the loan structure and identifies the non-borrower's involvement. As such we do handle that borrowing/non-borrowing owning scenario.
Third Party Fee Owner Only: E.g. One Borrower is doing a loan on multiple properties and Borrower wants to vest each property in a different entity. In terms of identifying the collateral on the Property page, please consider if you would like one or multiple mortgages. GoDocs separates the security instruments so each security instrument is filed in the county where the specific property is located. The benefit of the way GoDocs system works is that there is no risk of running into a county that does things differently or a recorder who gets confused and won't record the document. GoDocs multiple security method ensures that the document will be recorded without being kicked back to the lender. You would select Third-Party Fee Owner Only for each security instrument. If you are able to identify all owners on one security instrument, please use the title vesting at closing will be as shown below field to specify which owner owns which portion of the legal description. Please note that these will be under our Premium support service so there will be additional processing time. The fee estimate for the order will be available based on the final data entry before the order is submitted.
You can go to the Property tab and select Multiple Properties, Each Different Owners:
Go to the Borrower tab, and check the property for each borrower:
Please confirm title vesting is correct for each Security Instrument:
Copy and paste the legal description and Tax Parcel ID for each Security Instrument individually:
