We often get questions about whether buyers can be on a loan, but not on title and vice versa (on title but not on loan).
If a borrower is on the loan, he or she must also be on title. This does not mean the borrower cannot quitclaim off title after close of escrow, however. Borrowers just have to be on title at close of escrow.
The entire definition of a “mortgage” requires a borrower to be on title b/c a mortgage refers to a debt instrument or promissory note that is tied to real estate as collateral. If the borrower is not on title, the property cannot be tied to the promissory note.
Buyers can be on title without being on the loan. We refer to such buyers as “title only” buyers, meaning they will only be on title and not on the loan.
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