Note I Hold Gets Paid Off, Then What? - Posted by Tony S. in FL

Real Estate Investing
1

Posted by Tony S. in FL on December 27, 2003 at 22:14:08:

Michael,

Thanks for the info. Actually, the mortgage is on property in Alabama but I’d think the process would be the same.

I figured I’d have to file the Satisfaction of Mortgage but didn’t know if there was anything else I had to do.

Thanks again,
Tony

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Note I Hold Gets Paid Off, Then What? - Posted by Tony S. in FL

Posted by Tony S. in FL on December 26, 2003 at 10:08:29:

I hold a note on a piece of property I sold years ago. If the buyer hands me a check one day paying off the note what do I need to do as far as legal paperwork goes?

File satisfaction of mortgage docs at courthouse?

Thanks,
Tony

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Time to issue a “SAT”… - Posted by Michael Morrongiello

Posted by Michael Morrongiello on December 27, 2003 at 19:34:11:

Tony:
I assume you are in the Sunshine State by your email moniker…?

When the mortgage you hold is finally paid off in full according to Florida Statutes you are required to issue and provide to the debtor an executed “satisfaction of mortgage” document that will effectively remove the mortgage lien of record against the referenced subject property legal description.

Be sure to make a copy of the Satisfaction for your file so that if accused in the future by the debtor that you never issues such a “sat” you will have proof of having provided the document.

To your success,
Michael Morrongiello