I was holding a personal note on a house I owned. The person that was buying it obtained a conventional loan and I need to give him a release of debt. I'm not sure it needs to be in a legal format or a simple letter stating the dept has been met.
2006-12-09 12:31:05 · 2 answers · asked by Sterling F 1 in Business & Finance ➔ Renting & Real Estate
It could be a letter but if you want the proper language you can download it from legal websites for like 5 bucks.
2006-12-09 12:39:05 · answer #1 · answered by goose1077 4 · 0⤊ 0⤋
you ARE, i hope, using your real estate attorney to close your sale? ask her how you should word that letter and be sure to send it by certified mail, return receipt requested, or much better, by registered mail to the party that has to have it. if that is the one that wrote you the promissory note, ensure that you can fax a copy of the letter to his loan officer too, as well as to his real estate attorney. that should do it.
else, you can always write the word "cancelled" on the promissory note and sign it in front of a notary public. then take a copy for yourself and give one to him, making him acknowledge in writing on your copy that he received the original.
2006-12-09 13:29:35 · answer #2 · answered by Louiegirl_Chicago 5 · 0⤊ 0⤋