Legal Question in Real Estate Law in Illinois

Transferring deed

Can a deed be transferred when there is an existing mortgage?


Asked on 2/18/09, 6:51 pm

2 Answers from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: Transferring deed

Yes, however doing so may trigger an acceleration clause in the mortgage.

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Answered on 2/18/09, 9:41 pm
Naheed Amdani Law Offices of Naheed A. Amdani, P.C.

Re: Transferring deed

In addition to what Mr. Padove said, keep in mind that some mortgages are assumable -- meaning that the buyer of the property may be allowed to assume the mortgage if he wishes to and if the bank allows it. In such a situation, the deed can be transferred to the new buyer at closing, subject to the existing mortgage, without triggering the acceleration clause in the loan.

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Answered on 2/19/09, 12:38 am


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