However, the heirs and devisees of a person who has made a covenant or agreement is answerable upon that covenant or agreement: (1) to the extent of property descended or devised to the heirs and devisees; and (2) in the manner prescribed by law.As added by P.L.2-2002, SEC.2

It's helpful to read the language to understand what does - and what doesn't work to legally avoid due-on-sale clauses.Exemption of specified transfers or dispositions: With respect to areal property loan secured by a lien on residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation,or on a residential manufactured home, a lender may not exercise its option pursuant to a due-on-sale clause upon— (1) the creation of a lien or other encumbrance subordinate to the lender’s security instrument which does not relate to a transfer of rights of occupancy in the property;(2) the creation of a purchase money security interest for household appliances;(3) a transfer by devise, descent, or operation of law on the death of a joint tenant or tenant by the entirety;(4) the granting of a leasehold interest of three years or less not containing an option to purchase;(5) a transfer to a relative resulting from the death of a borrower;(6) a transfer where the spouse or children of the borrower become an owner of the property;(7) a transfer resulting from a decree of a dissolution of marriage, legal separation agreement, or from an incidental property settlement agreement, by which the spouse of the borrower becomes an owner of the property;(8) a transfer into an inter-vivos-trust in which the borrower is and remains a beneficiary and which does not relate to a transfer of rights of occupancy in the property; or(9) any other transferor disposition described in regulations prescribed by the Federal Home Loan Bank Board.

Licensing authority of political subdivision Nothing in this article shall preempt a political subdivision from prescribing licensing requirements for home inspectors.HISTORY: Code 1981, § 8-3-331.1, enacted by Ga.

The seller would want to do this as the principal is taxed as cap gains, while the interest is at a higher tax rate, ergo, the IRS would impute the amount of tax paid at a rate they prescribe, and with amortization, a much greater amount of that $3,600 monthly payment (almost all), would be taxed as interest income.So, in effect, your answer is yes, you can structure the deal any way you like, as long as you impute interest per IRS rules on your tax return.Uncle Sam's gonna get his share, no matter how creative someone wants to be.

That'll change their tune.In this instance tell them NO about using the sec deposit and make sure you send them ALL NOTICES as prescribed by law and add on those daily late charges.Good luck.all cash

But that's why we're not in the real estate business - we're in the solutions business, and need to understand our clients needs before we can prescribe the right solution.Hrmm, that was longer than I planned.

But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:> '(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-> (i) is fully amortizing;> (ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;> (iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and> (iv) meets any other criteria the Federal banking agencies may prescribe; and> > Yeah, I know, confusing.

But the heinous piece of the legislation is in section 101(3)(e), which defines the affected principals as:'(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-(i) is fully amortizing;(ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan;(iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and            (iv) meets any other criteria the Federal banking agencies may prescribe; and             Yeah, I know, confusing.

The offending text of the bill is in section 101(3)(e), which defines who is exempt from being a ‘licensed mortgage originator’:'(E) does not include, with respect to a residential mortgage loan, a person, estate, or trust that provides mortgage financing for the sale of 1 property in any 36-month period, provided that such loan-- (i) is fully amortizing; (ii) is with respect to a sale for which the seller determines in good faith and documents that the buyer has a reasonable ability to repay the loan; (iii) has a fixed rate or an adjustable rate that is adjustable after 5 or more years, subject to reasonable annual and lifetime limitations on interest rate increases; and (iv) meets any other criteria the Federal banking agencies may prescribe.

There have been a few instances where it appears that medication may be taken not necessarily as prescribed by the doctor.