If we pay off the amount owed, does the vendor remove the lien immediately?
You also have to pay the satisfaction costs - that runs about an additional $100.
Does the lien remain on the history of the property report? If so, at the time of sale/refinance, would the history adversely impact the sale/refinance?
Yes, the lien will be of record as against the property but, if satisfied, it's like any other mortgage or loan lien that's been satisfied and has no impact (adverse or positively) whatsoever.
The amount owed is much smaller than the value of the property.
If the lien is satisfied - then it's of no consequence.
If still viable - that will have to be paid off if you refinance or sell the property.
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