Aug. 3, 2010
Dear George: I paid off my mortgage and received a letter from the lender acknowledging the payoff. Is there anything else I need to do?
Answer: Check the letter you received from the lender. If it does not specifically state that the lender has filed a release of lien with the deed records of your county, you must call that lender. This oversight by homeowners causes many title problems. Most lenders don't automatically file the release of lien. There may be a nominal charge for this.
Dear George: About a year ago, I listed my home with a REALTOR® but the house never sold and I didn't renew my agreement with the REALTOR®. During that listing, a deal with one prospective buyer fell through because the buyer couldn't get financing. I'm now willing to seller finance. Can I contact this buyer and see if he still wants to buy my house? Will I be responsible for paying a commission to the REALTORS® who represented us at the time?
Answer: Look at Paragraph 5E, Broker's Fee, Protection Period, in your listing agreement. That will detail the number of days and the contract terms under which you could be obligated to pay a commission to your former REALTOR®. It's unlikely this period would extend for a year, so you're probably not obligated to pay anything. As for the buyer's agreement with his REALTOR®, you'll have to check with that buyer.
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
