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Bill Spohn, a real estate lawyer at:
1103 - 100 Park Royal South
West Vancouver, BC, CANADA
V7T 1A2
(604) 926-8681 - [email protected]
Has sent the following follow up advice re the transfer of
property into a trust. His advice to get the answer from the
bank in "writing" sure rings a bell here and would be wise for
any dealings with the bank or any other financial institution.
Bill's advice in maroon at the bottom.
-----Original Message-----
From: [email protected] [mailto:[email protected]]
Sent: Thursday, October 30, 2003 6:24 AM
To: [email protected]
Subject: Re: Transfering property to a trust in Canada - does it
violate ...
In a message dated 10/29/03 11:58:37 PM Pacific Standard Time,
[email protected] writes:
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???
Excellent advice - have a lawyer read the fine print (and try to
stay awake).
He shouldn't lose sight of the fact that he can just ask his
bank - notwithstanding the language of the mortgage (which will
almost certainly be written so as to at least give them the
option to call it due on transfer) - they may agree that this
particular transfer meets with their approval.
If it does, tell him to make sure that he gets a letter saying he
has their approval. Banks seem to shuffle their personnel around
about as often as George Bush makes a stupid statement (which is
one heck of a lot more often than he finds any weapons of mass
distraction....). The last client that felt they had the
permission from their banker to do something out of the ordinary
found that nothing was in writing, and their former banker was
off selling life insurance somewhere when they tried to get the
bank to follow through.
Bill
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