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Meaning / Definition of
Due-on-sale Clause
Categories: Loan and Mortgage, Credit and Debt, Real Estate, Legal, ,
A provision of a loan contract that stipulates that if the property is sold the loan balance must be repaid. This bars the seller from transferring responsibility for an existing loan to the buyer when the interest rate on the old loan is below the current market. A mortgage containing a due-on-sale clause is not an assumable mortgage.
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