[WSBAPT] Garn-St. Germaine / Adult child inherits real estate

[Adrienne Keith Wills]

Hi all,

Hypothetically, let's say an adult child has inherited a mortgaged home from a parent under that parent's Will.  The adult child has a primary residence elsewhere and does not foresee living in the inherited property but is interested in keeping it but won't be residing in it themselves.  Does GSG still apply?

I looked at the specific section of GSG re: mortgage due on sale clause.  It looks like either sub-section (5) ("transfer to a relative resulting from the death of a borrower") or (6) ("transfer where the...children of the borrower become an owner") would apply and neither state an occupancy requirement.

Thanks in advance, Adrienne


--
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Adrienne Keith Wills, Attorney/Mediator
Wills Law Firm Inc. | www.WillsLawFirm.com<http://www.willslawfirm.com/>
1700 7th Ave #2100 | Seattle, WA 98101

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Voice & text: (206) 523-3047 | Fax: (206) 219-6714

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