Is it possible for me to purchase a few acres off a relative if their property is mortgaged?

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Is it possible for me to purchase a few acres off a relative if their property is mortgaged?

My family owns 5/- acres and I want to purchase 2 of that, but their property is mortgaged. Is it possible for them to deed me the 2 acres of the property or will the lender not allow this type of transaction?

Asked on January 28, 2019 under Real Estate Law, Maine

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

No, if there is a mortgage, you cannot buy part of the land. The mortgage is secured by ALL the property; selling part of it violates the mortgage while impermissibly reducing the security for the loan. Further, because the mortgage predates the sale and applies to all the land, title can not be transferred with eliminating this pre-existing security interest; earlier interests in land must be paid or otherwise eliminated before transferring it to someone new.


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