Closing out Seller Carry loan - steps needed
Good Evening Fellow BPers,
I have a 35-unit property that I put 10% down on, and the seller carried the other 10%. This is coming due next week.
The seller is telling me that no legal work is needed once the funds are paid back to him, although I find that slightly odd. I realize it's a note that has reached maturity, but I figured at least something should be done for us to close this out.
Any others here that have closed out a seller carry, and what steps were done at the very end to ensure all ends are tied off?
Any help you can give would be greatly appreciated. Thanks!
Nik