Fill out and complete the PDF to order a copy of a Business Certificate. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment.Use this form when you need to formally communicate with your lender about paying off your debt. It is suitable for various types of loans and mortgages. fields. A. Arrange for payoff of loans. The seller should advise its bank of the projected closing date and request a pay-off letter. Suffolk County Satisfaction of Mortgage Form. Fill in the blank form formatted to comply with all recording and content requirements. A payoff request can be created and mailed for free. How long does it take to obtain a payoff?