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?
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.