This deed, or deed-related form, is for use in property transactions in the designated state. This document, a sample Deed to Secure Debt with Power of Sale, can be used in the transfer process or related task. Adapt the language to fit your circumstances. Available for download now in standard format(s). USLF control no. GA-8206
Power On Sale Clause
State:
Georgia
Control #:
GA-8206
Format:
Word;
Rich Text
Instant download
Description
Free preview
How to fill out Georgia Deed To Secure Debt With Power Of Sale?
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FAQ
There are exceptions to the due-on-sale clause, including the transfer of the mortgaged property into an asset protection trust. This means if you transfer ownership from your name and into a trust, your lender will not be able to demand payment of the entire note.
The power of sale clause in a mortgage note states that the lender has the power to sell the property in the case of a homeowner's default. In other words, it gives your lender the right to sell your home and use the proceeds to pay your outstanding balance if you fail to pay your mortgage.
Power of sale clause in a will Example: ?The executor of this will shall have the power to sell any or all part of the estate of the decedent without court order and without interference of the probate court.?
Deeds of trust almost always include a power-of-sale clause, which allows the trustee to conduct a non-judicial foreclosure - that is, sell the property without first getting a court order.
The due-on-sale clause protects your lender by preventing prospective buyers from assuming your mortgage. Remember that if you try to sell or transfer the title of your property, you'll have to immediately pay off the remaining balance of your mortgage with the proceeds from your sale.