SailNet Community - View Single Post - Why give the payoff amount?
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Old 08-27-2013
Minnewaska Minnewaska is offline
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Re: Why give the payoff amount?

If the buyer is smart, they are using an escrow company that has researched the liens on the title and identified the loan. They will pay the loan off directly to ensure title is transferred clean. No buyer should ever write a check and leave it to the seller to pay off the loan afterward.

The only alternative is for the seller to repay the loan themselves, prior to closing, and providing a release of lien from their bank.
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Jeanneau 54DS

In the harsh marine environment, something is always in need of repair. Margaritas fix everything.
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