Legal Question in Real Estate Law in Massachusetts
do you need to have the current mortage holder {bank} ok the sale of a piece of land from one neighbor to another.
Asked on 4/05/12, 2:30 pm
1 Answer from Attorneys
If the land is secured by a mortgage, unless you are paying the entire amount off at closing you will need their consent.
It is not an issue of to whom you are selling the land, it is an issue of whether you are paying off the mortgage or not, if the bank holds a lien on the property.
Answered on 4/05/12, 2:45 pm
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