How to fill out the Land Contract Payoff Instructions and Details? 1. Fill in the property address accurately. 2.Payoff procedures vary depending on whether the lienholder is using the Electronic Lien Title (ELT) system or a paper title. When a land contract has been paid in full, it is the seller's responsibility to provide a proper deed of conveyance to the buyer. What is a Payoff Agreement? A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. To request a payoff quote, please complete the payoff quote form. This form is intended for 3rd parties acting on behalf of Mr. Cooper customers. Show your pre-approval letter to your real estate agent when you begin shopping for a home. Edit, sign, and share land contract payoff letter online.