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Buying property – “due on sale” bank clause

Last post 08-29-2008, 8:54 AM by Peter Mericka. 1 replies.
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  •  08-28-2008, 6:57 PM 3923

    Buying property – “due on sale” bank clause

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    Someone told me that I could buy a property “subject to” the existing loan. That the seller could just deed the property to me and I could take over the payments. Is this legal and what will the bank do when they find out? What about the “due on sale” clause? Can anyone help me on this. It sounds like an incredible way to buy property, but I don’t particularly want to go to jail.

  •  08-29-2008, 8:54 AM 3929 in reply to 3923

    Re: Buying property – “due on sale” bank clause

    Reply Quote

    Hi Willyhen,

    While laws differ from state to state, there's one rule that applies everywhere:  If you're unsure about your legal position get some advice from a legal professional.  Talk to your lawyer or licensed conveyancer.  Ask for a quote up-front if cost is an issue, but start with good advice and you won't have to pay buckets of money later to sort out problems.
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