Anyone done it?
From what I'm seeing online:
1. buyer should go to the bank with seller
2. pay off the balance of the outstanding loan
3. receive a letter from the bank saying the loan has been satisfied and the lien is removed (does this happen instantly?)
Other thoughts/pitfalls/precautions to take?
Add: FWIW, I'm thinking of NY specifically, although I think/assume the process is similar in most states, in NY the seller/owner holds the title and the title indicates there is a lien outstanding. From looking online, it seems that the lending institution actually holds the title until the loan is satisfied.
From what I'm seeing online:
1. buyer should go to the bank with seller
2. pay off the balance of the outstanding loan
3. receive a letter from the bank saying the loan has been satisfied and the lien is removed (does this happen instantly?)
Other thoughts/pitfalls/precautions to take?
Add: FWIW, I'm thinking of NY specifically, although I think/assume the process is similar in most states, in NY the seller/owner holds the title and the title indicates there is a lien outstanding. From looking online, it seems that the lending institution actually holds the title until the loan is satisfied.
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