Payoff Letter ToTitle Company

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Does anybody have a short payoff letter form for a mortgage note.

Comments(10)

  • cjmazur16th April, 2010

    That has to come from note/holder/servicer.

  • smithj23rd January, 2009

    I am aware of this 10-day contingency and in theory it does give you a 10 day look see, but however, the only way to invoke this clause is to have an independent, licensed study confirming the presence of lead paint. You can not invoke this clause for any other reason and it only applies to homes built before 1977.

    Personally, if I need the due diligence time I prefer to write in a mutually agreed upon due diligence inspection period that way if the roof or furnace comes back more expensive than I anticpated, then I can legally renegotiate as needed.

    JS.

  • cjmazur3rd January, 2009

    When I did a remodel they did ask about asbestos, but not LBP, and the house was build in 61.[ Edited by cjmazur on Date 01/03/2009 ]

  • LeaseOptionKing4th January, 2009

    Why not avoid all the testing mess and just hand out the pamphlet? Seems to be the easiest route to me.
    [addsig]

  • LeaseOptionKing4th January, 2009

    Ah, I see.
    [addsig]

  • smithj220th January, 2009

    I believe the OP asked about the 10 day period for LBP tests and not necessarily the disclosures. As stated above the disclosures are required by law, but the 10 day period is a separate issue. even if you have received the disclosures, one can still pull out of the contract if LBP is confirmed through testing.

    I mean the disclosures only state that the buyer should be aware that there "MIGHT" be lead on the property. The LBP test will confirm whether or not LBP is present.

    JS.

  • haynesm21st January, 2009

    After reading the above post I thought I would go look up some info on lead based paint and asbestos. Below are sites I visited.

    I also called the EPA regional office for Missouri (1-913-551-7020) and ask about these items. I was told there are federal requirements about giving out the pamphlet and disclosure form for the LBP but there are no Federal requirements for asbestos. Only thing that was mentioned about asbestos is IF you ALREADY have a report about asbestos then you need to give your renters or buyers that information.

    http://www.hud.gov/
    At the top of the home page is a search box. type whatever you want to look for in that box and "magic"

    http://www.hud.gov/offices/cpd/communitydevelopment/toolkit/files/familylead.pdf

    http://www.hud.gov/offices/lead/library/enforcement/fs-discl.pdf

    http://www.hud.gov/offices/adm/hudclips/forms/files/9545-Z.pdf

    http://www.hud.gov/offices/lead/training/rrp/Appendix_5_Esp.pdf

  • cjmazur21st January, 2009

    There are many states that require asbestos disclosure.

  • JSterling2022nd April, 2010

    Thanks ITB, I checked out the EPA link. Sounds like after 4-22-10 if I want to remodel a rental property built before 1978 I have to 1)become a certified renovator or 2)have a professional test for and document that lead is not present (which it most likely will be).

    I am pretty new to the game, but this is the first I have heard of this. If I am understanding this correctly it seems like it is going to add a lot of time and expense to each property.

    Can you fill me in on the process, time, and cost to become a certified renovator.

    thanks for the help

  • cjmazur22nd April, 2010

    I never suhgessted not disclosing. The point I was making is as a BUYER, the info is supposed to be disclosed.

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