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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 53954
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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The judge determined that the bank had changed the loan

Customer Question

The judge determined that the bank had changed the loan agreement and the bank removed the lien. Does this mean that the property is free and clear?
Submitted: 9 months ago.
Category: Real Estate Law
Expert:  Richard replied 9 months ago.

Good afternoon Zachary. My name is ***** ***** I look forward to helping you.

If the bank released the lien, yes, the property would no longer be subject to the lien. Thus, you do now own the land free and clear. That means that were you to sell the property, there would be no requirement for the loan to be paid from the proceeds of the sale. You would be able to deliver clear title to a buyer or transferee without paying the loan.

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