Due on sale clause

[slitzy]

What is the name of your state? Arizona The corp. that bought my property changed from one corp. to another. I believe they would have had to execute a Quit Claim to change this for county records show a different name on the tax records. Is this a transfer or conveyence and can I declare all sums due and payable?

[nextwife]

No, a Corporate succession need not be shown by QC. When it is time for them to sell, the title company establishes the corporate merger through the appropriate state office (such as Secretary of State) where corporate records are maintained. They will use language in stating how title is vested, such as "ABC Corporation, Successor in Interest to XYZ Company, Inc." or "ABC Corporation, Previously Known as ZYX Company, Inc", as the case may be.

THe owner was sold, not the property, in essence. I don't know that that triggers the due on sale.

[HomeGuru]

Originally Posted by slitzy

What is the name of your state? Arizona The corp. that bought my property changed from one corp. to another. I believe they would have had to execute a Quit Claim to change this for county records show a different name on the tax records. Is this a transfer or conveyence and can I declare all sums due and payable?

**A: how was this change legally accomplished?
Many times a new buyer buys the shares in the corporation resulting in a new owner but the same company name listed on title.