My owner financed note getting paid off

1 Reply

Hi, I sold my property earlier this year via owner financing.  My buyer is paying off the note early so I am preparing for that.  Once he pays off the note due plus any interest owed, what do I need to do to officially complete the transaction?  Like a satisfaction of mortgage, etc?  Does my closing attorney need to get involved?

Thanks,

Rob

The title company will reach out to you to ask for a payoff letter and instructions on where to send the funds. The title company will be preparing a satisfaction of mortgage and just let them guide you on what else is required. Also, it's best to consult your accountant regarding taxes.