Legal Question in Real Estate Law in Nevada

I purchased my home as married sole owner. My wife signed a quit claim deed. I want to add her to the deed by quit claim deed from me to myself and her. On the Deed of Trust for the lender under the section for grounds for acceleration of debt it states in section (b) Sale Without Credit Approval. Lender shall, if permitted by applicable law (including section 341(d)..) and with the prior approval of the Secretary, require immediate payment in full of all sums secured by this Security Instrument if: (i) All or part to the Property, or a beneficial internet in a trust owning all or part of the Property, is sold or otherwise transferred (other than by devise or decent) and (ii)The Property is not occupied by the purchaser or grantee as his or her principal residence, or the purchaser or grantee does so occupy the Property but his or her credit has not been approved in accordance with the requirements of the requirements of the Secretary. Do I need to contact my lender?


Asked on 3/26/10, 2:21 pm

1 Answer from Attorneys
Paul Malikowski Malikowski Law Offices, Ltd.

If your mortgage loan is governed by Federal law, there may be a exception to the "due-on-sale" provision you write about, available to you for a spouse transferee:

http://www.law.cornell.edu/uscode/12/usc_sec_12_00001701---j003-.html

Your attorney can explain further.

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Answered on 3/31/10, 4:37 pm


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