Legal Question in Real Estate Law in Arizona
I have purchased a lot adjacent to me. In order for me to be able to build an 'accessory'
building on this lot I would need to join it to my existing lot that also has my home. The
county requirements are straight forward. I need to record a new deed to show the new legal
description of the parcel combination. Vesting will be the same as the original two existing
deeds, which are both in my name.
The loan docs for my home have a acceleration clause ('Due on Sale'). By recording a new deed as
desribed above, will it trigger this clause, and if so can it be enforced according to law?
1 Answer from Attorneys
It is unlikely your bank will exercise its due on sale clause (provided you maintain your payments, etc.) since you will remain the owner of the original parcel. However, I would recommend contacting you bank to advise them of the deed change to avoid them finding out about it after the fact and assuming the worst. If they have a problem with it, you will find out in advance and can arrange for refinancing or take other appropriate action.
If you have additional questions, feel free to contact me.
-Riley Snow
Attorney
(480) 477-6311
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