Deed of Trust - Assumable - Not Due on Sale: This is an official Colorado Real Estate Commission form that complies with all applicable Colorado codes and statutes. USLF amends and updates all Colorado forms as is required by Colorado statutes and law.
Colorado Deed of Trust - Assumable - Not Due on Sale
State:
Colorado
Control #:
CO-RE-TD74
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PDF
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FAQ
What Is a Due-on-Sale Clause? A due-on-sale clause is a provision in a mortgage contract that requires the mortgage to be repaid in full upon a sale or conveyance of partial or full interest in the property that secures the mortgage. This provision as also sometimes referred to as an acceleration clause.
Party information: names and addresses of the trustor(s), trustee(s), beneficiary(ies), and guarantor(s) (if applicable) Property details: full address of the property and its legal description (which can be obtained from the County Recorder's Office)
Giving the wrong legal address for the property or the wrong amount of the debt can render the deed unenforceable. In some cases, the error is easy to fix, and the court will rule the deed is enforceable.
A power of sale provision is a clause in the deed of trust or mortgage in which the borrower pre-authorizes the sale of property by way of a nonjudicial foreclosure to pay off the balance of the loan in the event of a default. With a power of sale foreclosure, the lender can foreclose without court oversight.
There are some types of mortgage loans that do not have a due-on-sale clause. Government-backed loans, like FHA loans, VA loans, and USDA loans, are notable exceptions. These are all assumable mortgages. Assumable conventional mortgages, which aren't backed by the federal government, rarely exist anymore.
Many buyers will try to circumvent due on sale clause by offering up the possibility of a wrap around mortgage. A wrap around mortgage is essentially a junior loan that encompasses the cost of the existing loan, plus the cost of any equity in the property.
Property cannot be conveyed to a grantee who does not exist. Thus, a deed to a grantee who is dead at the time of delivery is void. For example, a deed recorded by the grantor is presumed to have been delivered.For example, a deed is voidable if it was obtained by fraud in the inducement.
The standard due-on-sale clause states that, if the property owner transfers title without first obtaining written consent from the lender, the entire outstanding balance of the loan comes due. Most sales of real property involve a buyer who puts the full purchase amount into escrow prior to or at closing.
Transferring a Property Subject to a Due-on-Sale Clause Perhaps the best way to avoid triggering a due-on-sale clause in a real estate deal is to obtain the lender's consent for a transfer.