Closing Without Title Company

[Britt Griscom]

I am buying a condo without a title company. I know most people will say to use one, but I've done the title search and am confident that the seller is the only owner and that the only encumbrance is a mortgage. I also already own 15 condos in this complex, so I know who the original developer was, and only had to trace the title chain back to him.

I have a statement from the mortgage holder, and I know what the payoff amount is.

Our closing day is going to look like this: I call the county clerk to verify that the seller is still the owner. Then we meet at my bank where the seller signs the warranty deed and I give him a cashiers check for the purchase price minus the mortgage payoff amount. Then we drive together (hopefully) to the post office and send another cashiers check to the mortgage company using certified mail. Then I drive to the county recorder's office and record the deed.

My question is this: if we drive separately to the post office, who should have the payoff check? That is, who should be more worried about that payoff not happening, him or me? In other words, does a mortgage attach to the buyer or to the seller?

Also, am I missing anything?

Thanks.