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?

Asked almost 4 years ago - 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)

  1. Frank Wei-Hong Chen

    Contributor Level 20

    1

    Lawyer agrees

    30

    Answered . 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.

  2. Kenny Kean Tan

    Contributor Level 15

    1

    Lawyer agrees

    Answered . 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.

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

23,555 answers this week

2,991 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

23,555 answers this week

2,991 attorneys answering