In fact, the only state in which abstracts are still required is Iowa. Check with your loan officer to be sure. Common items required for purchasers include an insurance binder and paid receipt, current paystubs, original inspections, and photo identification. It is common for closing agents to require certified funds from the purchasers to close. The most common ways to take title are tenants in common and joint tenancy.
Some states also allow tenancy by the entirety .
Tenants in common own an undivided interest in the property. Tenancy by the entirety is available only in certain states, and generally only to married co-owners. Tenants by the entirety enjoy the same benefits as joint tenants, but they also receive an additional benefit. If one of the owners has a judgment entered against him or her, that judgment cannot be enforced against the property so long as the owners reside at the property and remain married. Blue Fish Inc. All rights reserved.