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I need to know if the wording below means the same thing and what do they mean: 1. if upon my death any mortgages encumbering the M property, Y shall assume any of the existing mortgages as a condition of the receipt of this specific gift. 2. upon my death there are any mortgages the obligation to repay said mortgages as condition of the receipt of the specific gift.
Thanks for your question and good afternoon.
These two clauses really would have the same effect.The heir has the option whether to take the gift(property) and assume the debt that goes with it.This would leave the heir with the legal option to decline the property if it were say underwater or their circumstances were such where they could not make the payments.
Once the property was transferred to them they would contact the lender to have the note transferred to their name.Either or these clauses will have that effect.
An heir in this situation always has the option to decline the gift if they cannot or don't want to assume the debt against it.
And the lender would require them to receive the property by deed before they would then transfer the loan to the heir's name.Either of these clauses would carry out the gift and have the heir assume the debt and note against it.
It has been my pleasure to assist you today.Please let me know if you have more follow up.Thanks again.
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Thanks again for letting me help you today.It has been my pleasure to do so.
the property is currently in a irrevoccable trust and the heir is a church that does not have pastor or a board with voting rights. the person who accepted the gift is only a member of the church. so I was wondering how it could be accepted at all. NOT many lawyers want to get involved with church business but if you can answer I would appreciate it if not I thank you for your time
Thank you I was thinking the same thing but not sure.