I’m a North Carolina resident. If I send a pay off check for the balance of the promissory note held by the seller of a property, what is the proper procedure for making the final payment? Obviously, I would hire an attorney to record that the payoff has been made, but what should I ask for or get from the seller upon delivering the final payment in order to have the deed of trust cancelled?
Thanks for your question. Usually, the seller would provide you with some sort of notarized form that the final payment has been made, however, the terms of your promissory note and state guidelines may vary, so I would suggest having the attorney draft the letter that the seller should sign.
All the best,
You must be logged in to reply to this topic.
315 Madison Avenue, 24th Floor
New York, NY 10017
Disclaimer: We spend hours researching and writing our articles and strive to provide accurate, up-to-date content. However, our research is meant to aid your own, and we are not acting as licensed professionals. We recommend that you consult with your own lawyer, accountant, or other licensed professional for relevant business decisions. Click here to see our full disclaimer.
Product or company names, logos, and trademarks referred to on this site belong to their respective owners.