Once a wrap is paid in full what paper work needs to change hands between seller and buyer?

We agreed on $265k in a wrap around loan but seller agreed to accept 238k in full for payment
(0) | asked by: yvette | share | 8 months ago | Report
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answer by Ken Couvillion    |   Contact Me
The key is the outstanding balance on the original mortgage. Your wrap mortgage includes the original lien, plus what you agreed to pay for the property that is your Wrap. If both liens have been satisfied, the seller will issue a Warranty Deed which they can have prepared by a local title company. This way you will be insured that the seller has received the release of lien on there original note and has the ability to transfer . clear viable title to you.
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