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JV partner absent at closing

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  • Group: REIN™ Members
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    17 Jul 2012 4:04 PM
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     I have a joint venture with a partner who is providing part of the down payment and he will be on title for a property in Nova Scotia.  He is leaving out of the country this week and the closing is at the end of the month.  At present, we are still waiting for final approval on the financing in order to waive off that condition.  My partner returns mid-August but would really like to close at the end of this month to start renovations in August.  We have also been extending deadlines with the Seller due to some hurdles, and postponing until next month could be a deal breaker.

    How can we arrange for my partner to be on title if he is not available to sign off on documents at closing and not in the country to provide the downpayment?  I heard of placing an 'Assignee' designation on title, but not sure how that exactly works.
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