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 jsignorelli
Joined: 18 Dec 2008
Posts: 1
1.29 Dollars($)
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 Posted: Thu Dec 18, 2008 9:36 am Post subject: What verbiage would a typical due on demand clause contain? |
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| What verbiage would a typical due on demand clause contain? |
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Guest
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| Posted: Thu Dec 18, 2008 12:44 pm Post subject: |
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Are you talking about a due on sale clause? see below:
If all or any part of the Property or any Interest in the Property is sold or transferred (or if Borrower is not a natural person and a beneficial interest in Borrower is sold or transferred) without Lender’s prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument |
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J Signorelli
Guest
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| Posted: Thu Dec 18, 2008 2:28 pm Post subject: due on demand clause |
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| Thank you. This loan will be a personal loan payable in full in 2 yrs. Should we need to call the note due we want to put a due on demand clause in the note. With interest pro rated. It will be secured with personal ppty as opposed to real estate. |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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| Posted: Thu Dec 18, 2008 9:45 pm Post subject: |
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Hi J Signorelli!
Welcome to forums!
In my opinion it will be better if you can contact and attorney and get the "due on demand clause" drafted by him. The attorney will not only draft it but will also be able to make you understand the legal terms associated with the clause.
Feel free to ask if you have further queries.
Sussane |
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Guest
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| Posted: Fri Dec 19, 2008 6:47 am Post subject: |
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| well, if it's a personal loan you can disregard my "due on sale" post. a due on demand clause is different - see an attorney |
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