Re: Why give the payoff amount?
Having to disclose the payoff amount makes very little sense to me. It seems like you are obligated to disclose all liens and the name of the bank who holds the loan so the buyer's lender can verify the payoff. If you have made arrangements that the entire check goes to your loan department at your bank and that the loan department would then release the balance back to you, there would be zero reason to release the payoff amount other than to ascertain that you don't owe more than the sale price of the boat.
But even if you wanted to release the payoff amount to the buyer, the appropriate process is to allow your bank to communicate with the buyer's bank and disclose the payoff amount, because the final payoff amount will not be known until your bank has a precise day and time at which they will receive the final payment.
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Curmudgeon at Large- and rhinestone in the rough, sailing my Farr 11.6 on the Chesapeake Bay
Last edited by Jeff_H; 08-27-2013 at 03:03 PM.
Reason: syntax and bad typing.