Mortgage Payoff Procedures - mortgage payoff coloring page

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AGENT UNDERWRITING BULLETIN
Mortgage Payoff Procedures
Effective as of June 1, 2008 the following procedures shall be adhered to by all parties
throughout the State of Connecticut involved in a purchase transaction where the release
of mortgage is not available at closing. The procedures are intended to eliminate recent
issues and confusion involving mortgage payoffs and real estate transactions. The
procedures have been incorporated into the customs for every bar association in the state,
and are being advocated by the Connecticut Bar Association.
Procedures:
If Seller's title is encumbered by mortgage(s) for which the Seller's attorney is unable to
deliver release(s) at closing, the parties shall close the transaction pursuant to the
following procedure with respect to each mortgage lien:
1) Seller's attorney shall provide to buyer's attorney the following documents at the
time of closing:
a. Undertaking and indemnity for payoff of mortgage (form attached as
Exhibit A);
b. Copy of mortgage payoff statement provided by the mortgagee; and
c. Mortgagee payoff transmittal letter issued by seller's attorney.
2) Buyer's attorney shall tender to the seller's attorney the mortgage payoff check(s)
by Clients' Fund Account check(s), cashier's check(s), or bank treasurer's
check(s) made payable directly to the mortgagee. Seller's attorney shall cause the
transmittal letter and check to be delivered to the lender.
3) If seller's attorney is going to pay the mortgage by wire transfer, the wire shall be
initiated by the buyer's attorney in accordance with the lender's instructions.
Buyer's attorney shall provide seller's attorney with the Federal Reserve reference
number and confirmation of receipt of the wire.
4) With respect to an equity line of credit, seller's attorney shall notify the lender to
terminate all future borrowing rights as of the time at which the mortgage payoff
statement is requested, and provide proof of the same to buyer's attorney.
If you are involved in a purchase transaction where the seller's attorney is unwilling
to adhere to these procedures, please be advised that you must contact a Chicago Title
underwriter before proceeding with the transaction.
CHICAGO TITLE INSURANCE COMPANY
Danbury - 203-743-7012 | Hartford - 800-848-4947 |
Stamford - 800-225-2628
EXHIBIT A
UNDERTAKING AND INDEMNITY FOR PAYOFF OF EXISTING MORTGAGE
Sale of: (property address)
Seller(s): (Name of Seller)
Purchaser(s): (Name of purchaser)
INDEMNITY OF OWNER
The undersigned, being the owner(s) of the above referenced property, hereby
acknowledge that the property is presently encumbered by the following mortgage:
Mortgage from __________ to ___________ dated _________ and recorded in Book
______ at Page ________ of the ___________ Land Records, and assigned to _____________ by
Assignment dated __________ and recorded in Book ______ at Page ________ of the
___________ Land Records.
The attorney signing below has obtained a payoff statement for this mortgage and I/we
have directed said attorney to fully pay and satisfy said mortgage from the closing proceeds. In
the event the payoff statement provided is not accurate, I/we agree to immediately tender all
funds necessary to pay this mortgage in full.
In consideration of the issuance of policies of title insurance without exception to the
above referenced mortgage, the undersigned owner(s) agree(s) to indemnify and hold harmless
the Purchaser(s) , their attorney, and their title company from and against all loss, cost, or
damage, including attorney's fees and court costs, arising or resulting from any claim made in
connection with said mortgage.
____________________________________ ___________________________________
Owner Date: Owner Date:
CLOSING ATTORNEY'S UNDERTAKING
The undersigned hereby certifies that I am an attorney licensed to practice in the State of
Connecticut. I received a payoff statement for the above referenced mortgage, and I have sent
sufficient funds in accordance with the attached payoff statement to the mortgagee to pay off this
mortgage in full. Upon payment in full of said loan, I will be responsible for obtaining and
having recorded a proper release of the mortgage or, if necessary, I will assist in the preparation
of an affidavit in accordance with Section 49-8a of the Connecticut General Statutes. Attached
hereto is a copy of the payoff statement, payoff check and the transmittal letter to the mortgagee.
___________________________________ ____________________________________
Attorney Street Address
___________________________________ ____________________________________
Date City, State, Zip


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