Payoff Statement
A payoff statement is the lender's stated amount required to satisfy an existing loan as of a specified date, typically used to allocate sale proceeds and support delivery of a satisfaction of mortgage. Payoff amounts often include principal, accrued interest, and stated fees as of the payoff date.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Pre-closing clearance → closing
- Property types
- Mortgaged properties (all types)
Read more in the Knowledge Base
Closing Process
- Closing (Settlement)
- Closing Disclosure (CD)
- Contract Deposit (Earnest Money) Escrow
- Escrow
- Escrow Agent
- Estoppel Certificate
- Holdback Escrow
- Loan Estimate (LE)
- Mansion Tax (Additional NYS Transfer Tax)
- Mortgage Recording Tax (NYC)
General information, not legal, tax or financial advice.