Can someone be on title and not on loan?

[Jeremy Taylor]

I'm trying to buy an REO from a wholesaler. Due to the contract being NON assignable he has suggested we leave him on title with me and quit claim him off after closing. I understand the strategy and I like the idea of avoiding the costs associated with a double closing but it makes me nervous because my lender is saying he needs to be on my loan as a joint venture. Does anyone know if I can get a loan(hard money) by myself with him on title?

Also how would you recomend I protect myself in this scenario. Can I write up a contract stating his intention pre close of escrow? 

[Jeremy Taylor]

Thanks for the advise @Christopher Phillips.

Thanks @Tom Gimer thats exactly the info I was looking for. 

Just for reference for anyone reading this, I spoke with an attorney and this is what we came up with; I have a notarized copy of the quit claim deed in hand before close of escrow and I will be submitting it after close of escrow (this meets the non assignable stipulation) I also have a contract stating our intentions with the wholesaler (between us). I found a hard money lender that is familiar with this type of transaction and will have me exclusively on the loan so I won't be involved with the other party legally in any way other than the title. I have seen many posts and articles online about this type of transaction, but nothing that explains the actual steps involved. Hopefully everything goes smoothly and this info helps someone else down the road.