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Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 55301
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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I just received closing documents out closing. Settlement

Customer Question

I just received closing documents for mail out closing. Settlement sheet does not include the mortgage payoff even though I provided this information to them. What happens if the loan closes and incorrect proceeds are delivered to sellers? Proceeds should be approx $35,000 but settlement statement shows $109,000.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Hi there. My name is ***** ***** I look forward to helping.

You really want the settlement sheet changed to make sure the lender is getting paid before any net proceeds go to the seller. This is important because you want to make sure the lender's lien is released so you get clear title. This is clearly a mistake and the closing attorney needs to revise the closing statement. And, I'm presuming you are getting a title policy and you need to make sure it's being issued without an exception for the lender's lien.

Expert:  Richard replied 1 year ago.

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