Legal Question in Business Law in Oregon

do you have to inform your lender if you want to do a land sale contract and you still owe the bank?


Asked on 7/21/10, 7:05 pm

2 Answers from Attorneys
Susan Burns Law Office of Susan Ford Burns

Yes. Your loan has a "due on sale" clause. This clause makes your loan due in full if you sell your house in any way, including with a contract.

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Answered on 7/21/10, 11:11 pm
Kevin B. Murphy Franchise Foundations, APC

You don't have to necessarily inform the lender, but their loan needs to be paid off in full before the escrow on the sale closes. Consult with a good business attorney in your area for specific advice.

Kevin B. Murphy, B.S., M.B.A., J.D. - Mr. Franchise

Franchise Attorney

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Answered on 7/22/10, 1:16 pm


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