Question

You are assisting in a real estate transaction. The title examination reports that there is an outstanding loan to Second Bank and Trust on the property. The loan is to be satisfied at closing. You believe that the closing will take place on July 10. You obtain from Second Bank and Trust a satisfaction payoff letter indicating how much money is needed to pay the loan as of July 10. The loan closing is delayed and does not take place until July 15. Is there any additional information that you may need from Second Bank and Trust for the July 15 closing?

Answer 1

Answer: Penalties

Explanation:

The agreement on the loan payoff date means specific amount are to be paid on the said date.

A shift in the payoff date may have clauses attached such as increase in interest, charges or a loss of title to the property. In clear terms he must seek for information relating to the fore mentioned from Second Bank trust.