Legal Question in Real Estate Law in Georgia
Who Is Responsible if the Wrong Loan is Paid Off
We recently sold some property and now we have found out that the closing attorney paid off the loan on the wrong piece of property. Now we have a loan on the property that someone else owns. What is our best course of action?
3 Answers from Attorneys
Re: Who Is Responsible if the Wrong Loan is Paid Off
You should immediately call the closing attorney to get him/her to rectify things. You might well get a response like "I'll look into the situation and get back to you, blah, blah, blah." Therefore, I would also advise you to ASAP consult with a local attorney.
Re: Who Is Responsible if the Wrong Loan is Paid Off
Have you contacted the closing attorney to straighten it out? That is the obvious first step. There is no need to speculate further if you have not, since it likely can be resolved by him/her.
Re: Who Is Responsible if the Wrong Loan is Paid Off
The first thing to determine is whether your buyer purchased an owner's title insurance policy. Second, did your lender make the error? I would also ask why the closing attorney did what he did. Did you provide him with the payoff or payoff contact information?
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
