How to prove a property is free and clear?
I have a property I am getting financing on, and I just got the loan commitment but with a few contingencies.
One of the contingencies is for me to submit proof that I own two other income producing properties free and clear.
Now one of those properties I had a mortgage on, and paid it off early. So for that one I can submit a satisfaction of mortgage letter and that should be sufficient.
Another property I paid cash on, never had a mortgage, and I am scratching my head as to how I can prove it's free and clear. I don't see anything I have that indicates it as such. Now the settlement statement does say "CASH FROM BORROWER" and "CASH TO SELLER" so I am wondering if that's good enough, or is there some other document I am not thinking of.
Also curious is why they singled out two properties and didn't ask me for proof on other owned properties, did they do a search and missed some things? Or they are not done? But if they issued a loan commitment letter already with those specific contingencies, then I guess they are done. Should I even bother to fully disclose the rest of my assets or just leave it be?