[WSBAPT] Garn-St. Germaine Act - Due on Sale Clause

[Diane J. Kiepe]

I am not 100% but I don't think the bank is correct - hope someone on here knows better than I but if you don't get a response, I'd take the time to look into it.  If that were true every loan in CA would be called due and other high property tax states (WA?:))


Diane J. Kiepe
Douglas Eden, P.S.
717 W. Sprague Ave., Suite 1500
Spokane, WA  99201
djkiepe at depdslaw.com<mailto:djkiepe at depdslaw.com>
509-455-5300

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From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Loren Pirkle
Sent: Tuesday, September 5, 2023 9:30 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Garn-St. Germaine Act - Due on Sale Clause

Good Morning Everyone-

Does anyone have experience with avoiding a due on sale clause under the Garn-St. Germaine Act, when the transfer is from a Revocable Living Trust to an heir/beneficiary(son)? My client's father passed away with his house titled in his Revocable Living Trust and it is now being transferred to the son, along with the debt. I am wondering if there is a way for my client to avoid the due on sale clause. The Bank is saying no and the loan needs to be refinanced at the current rates.

Thank you,
Loren

Lawrence A. Pirkle
Pirkle Law Firm, Inc. P.S.
1220 Memorial Hwy., Suite A
P.O. Box 1788
Mount Vernon, WA 98273
Phone: (360) 336-6587
loren at pirklelawoffice.com<mailto:loren at pirklelawoffice.com>

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