What is a due on sale clause in a mortgage?
What is a due on sale clause in a mortgage?
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.
Which type of mortgage loans do not have a due on sale clause?
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.
How can I tell who owns a fence?
The transfer or conveyance deed might state who owns it, but if it’s not in writing, then look out for any T-mark to the boundaries. The stalk of the ‘T’ will sit on the boundary and come out into your garden or property, which means that fence is your responsibility.
How can you tell if a fence is yours?
The answer: Fence ownership is determined by where your fence lays on the property line. If your fence is right on the property line between your neighbor’s property and your property, neither you nor your neighbor owns a side; it’s a shared fence and a shared responsibility.
Which boundary wall is my responsibility?
Also, there’s no set rule about whether you own the fence on the right or on the left-hand side of your house. You may be able to get this information from the conveyance deed, where there could be an already established boundary agreement regarding which fence side you are responsible for.
What is the difference between a party wall and a boundary wall?
Party wall: i.e. a wall within a building that joins two properties and forms the boundary between them; Boundary wall, within a garden, so placed as to separate two parcels of land in different ownership; Building faces: a boundary may run along the side (or front or rear) face of a building.
Is my wall a party wall?
A wall is also a “party wall” if it stands wholly on one owner’s land, but is used by two (or more) owners to separate their buildings (see diagram 4). An example would be where one person has built the wall in the first place, and another has built their building up against it without constructing their own wall.
Who gets the good side of the fence?
The finished side should face toward your neighbor. Not only is this more polite, but it’s the standard. Your property will look a lot nicer with the “good” side facing the outside world. Otherwise, your fence will look like it was installed backward.
Do neighbors usually split the cost of a fence?
If you and your neighbor are on good terms and you both decide that you would like a fence to separate your properties, the cost should be split equally. In this case, the person building the fence should foot the whole bill unless the neighbor offers to help.
Can my Neighbour attach things to my fence?
If it’s your fence, On your property. Not anyone can attach anything to it without your permission. You are within your right to remove anything attached to your fence. My neighbour put up a fence and it’s on my side of the property line.
