Finish Payment Deed For Free

Minnesota law clearly sets forth the steps that must be taken to terminate a contract for deed. Once a default exists and the seller has decided to terminate the contract for deed, a notice of termination must be served upon the purchaser under the contract for deed.

Certificate of satisfaction. Your local office of records (the county recorder, county clerk or another department depending on where you live) will record a certificate of satisfaction once you or your loan servicer provides official documentation of your loan being paid off. Expect to pay $25 to $50 for this service.

A deed is the actual legal document that would transfer the ownership (title) of a property from one person to another. A deed is signed by the person selling or transferring the property rights, called the grantor. The person purchasing or taking possession of the property rights is called the grantee.

State property records will show whether your lien is released. You can find information on property records by contacting your local Secretary of State or county recorder of deeds. After you pay off your mortgage, your lender should also return the original note to you.

When a transaction is covered by the Three-Day Cooling-Off Law, you have three business days to cancel the contract. Under the law, you must make cancellation requests in writing to the address provided by the seller.

It is not necessary for the seller to go to court to cancel the contract. In order to cancel a contract for deed, a seller needs to complete a form called a notice of cancellation of contract for deed, and have the notice personally served on the buyer.

Here's what else you'll need to do after paying off your mortgage. Cancel automatic payments.Get your escrow refund.Contact your tax collector.Contact your insurance company.Set aside your own money for taxes and insurance.Keep all important homeownership documents.Hang on to your title insurance.