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Seller/Lender of land loan will cancel the note if we make a lump sum paymnt of 1/2 the principal owed. What document is needed?

Rancho Cucamonga, CA |

Do we just need a cancellation/satisfaction/release to be signed by the seller/lender? Or do we need to amend the original loan agreement to reflect the offer?

Attorney Answers 2

Posted

You shouldn't have to amend the original note. All you need to do is have the note cancelled and/or get a release from the lender. If a deed of trust was recorded that secures the note, you might want to record the requet for full reconveyance. That should do it.

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Posted

You don't need to amend the loan agreement. You just need a release and return of the original promissory note. if the loan was secured by a recorded deed of trust, you will need to record a deed of reconveyance.

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