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QUESTION:
Can a person "deed" (transfer) his property into a land "trust" with him named as beneficiary and not violate the "due on sale" clause in his mortgage???
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david ingram replies:
As far as I am conerned, you should be able to but I have not read all the terms of your mortgage. The beneficial owner of the property has not changed under the terms of the trust so the risk has not changed.
I am a UBC graduate of Urban Land Economics by the way and mortgages are a large part of that course. The course qualifies me to be a mortgage broker for instance.
However, I have never dealt with the question before and before you take "my" word for it, check with a lawyer who reads the mortgage first. If you look close, the possibility may be covered somewhere in the mortgage.
I am also passing this on to a list (to which you have also been added) and if I am wrong, on e or more of the dozen lawyers and mortgage brokers who receive this will correct me I am sure. If so, I will pass the corrected version on.
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