Which clause protects a lender if he does not want the loan to be assumed by another party? Alienation Clause: This is a clause in a promissory note and is also referred to as a “Due on sale Clause”. The entire balance of the loan becomes due and payable when the property is transferred. This prevents assumption.
Can a trustee help a trustee sell a property?
Judicial advice was given that the trustee would be justified in completing the sale ( Application of Richard Albarran; Harb v Harb [2010] NSWSC 1251). Bartier Perry has a trusts/estates team which can advise trustees on the trust instrument and a property team which can assist with the sale (and purchase) of property.
Can a trust property be sold before repairs are done?
Before the property can be sold, it may require some work to be done on it. Trustees have the power to effect repairs and improvement of the property under sections 82 and 82A of the Act. However, the sale should not be delayed and must take place within a reasonable time for a fair and reasonable price.
Can a Chapter 7 Trustee sell a house at fair market value?
A chapter 7 trustee is permitted to sell property in a relaxed, unforced sale, at fair market value. Therefore, this requirement essentially means that the foreclosure sale can be avoided as a preference if the payoff balance owed to the foreclosing creditor is less than the fair market value of the house on the foreclosure sale date.
What happens if a trustee loses the title to a property?
The trustee must have the original Certificate of Title in respect of the property and the title must be in the trustee’s name before the sale to the purchaser can be completed. If the original Certificate of Title is lost, the trustee must apply for a replacement with Land & Property Information and this may delay completion of the sale.
