[WSBARP] Does the Garn St. Germain Act Due on Sale preemption apply to Seller Financed Loans?
Shaun Watchie Perry
shaunwperry at swp-law.com
Thu Oct 31 21:52:06 PDT 2024
Came across this on the web:
Navigatelawgroup.com/garn-st-germain-act-simplifies-real-estate-transfers-in-estate-planning/#:~:text=A%20spouse%20being%20added%20to,due-on-sale%20clauses.
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On 2024-10-31 5:28 pm, Mark Anderson wrote:
> According to my Google search results, it seems to be the consensus
> that transfers to children are exempt from execution of the due on sale
> clause. With the broad definition of "lender" in the Garn St. Germain
> Act, seller financing would not appear to be an exception.
>
> Mark B. Anderson
> ANDERSON LAW FIRM PLLC
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> From: wsbarp-bounces at lists.wsbarppt.com
> <wsbarp-bounces at lists.wsbarppt.com> On Behalf Of Julie Martiniello
> Sent: Thursday, October 31, 2024 9:27 AM
> To: WSBA Real Property Listserv <wsbarp at lists.wsbarppt.com>
> Subject: [WSBARP] Does the Garn St. Germain Act Due on Sale preemption
> apply to Seller Financed Loans?
>
> Hello All,
>
> I have a client needing to transfer part of their property to a child.
> There is a loan on the property that is seller financed. I have read
> the Garn St. Germain Act and do not see that a seller financed loan is
> exempted from the provisions of the due on sale preemption, but I
> thought I read somewhere that seller financing was excluded from this-
> however now I cannot seem to find where I read that.
>
> Anyone know of the top of their head?
>
> --
>
> Respectfully,
>
> Julie Martiniello, Partner
>
> Dimension Law Group, PLLC
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> Office: 206-973-3500│Fax: 206-577-5090
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