Posted on: 18th Dec, 2008 08:36 am
What verbiage would a typical due on demand clause contain?
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 Lenders prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument
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 Lenders prior written consent, Lender may require immediate payment in full of all sums secured by this Security Instrument
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.
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
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
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