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The deed of reconveyance releases the lien the mortgage lender placed on your property. ... the title company will send the payoff to your lender and proof of that payment to your buyer’s lender ...
2. Pay Off the Seller’s Loan. You can make a payoff payment to the seller’s lender, and the lender can transfer the title to you. Then you can pay the seller any remaining amount due on the ...
A title with a lienholder refers to a bank or lender who holds the car's title. If you buy a car with a car loan, the lender holds the car title until you pay off the loan. You're still permitted ...
An Estoppel Certificate (or Estoppel Letter) is a document commonly used in due diligence in real estate and mortgage activities. It is based on estoppel, the legal principle that prevents or estops someone from claiming a change in the agreement later on. [1] It is used in a variety of countries for commercial and residential transactions.
The borrower's equitable title normally terminates automatically by operation of law (under applicable statutes or case law) at the trustee's sale. The trustee then issues a deed conveying the legal and equitable title to the property in fee simple to the highest bidder. In turn, the successful bidder records the deed and becomes the owner of ...
The lienholder then releases their lien electronically which allows the customer to pick up the title directly from the Ohio BMV on the following business day. Some states may take up to three months for a paper title to be produced after an electronic lien release, though this is uncommon. [citation needed]
How do title loans work? Car title loans come in a couple of different varieties. Some are single-payment loans, meaning the borrower must pay the full amount of the loan plus the interest rate ...
In title-theory states, a mortgage continues to be a conveyance of legal title to secure a debt, while the mortgagor still retains equitable title. [23] In lien-theory states, mortgages and deeds of trust have been redesigned so that they now impose a nonpossessory lien on the title to the mortgaged property, while the mortgagor still holds ...