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Updated almost 6 years ago, 03/16/2019
Escrow instructions to pay off secured promissory note?
We hold a promissory note that has come due, and have received a payoff demand letter from an escrow co. that is not local.
Escrow is asking for:
- the Note,
- the Trust Deed,
- Order to Reconvey signed by us
- Policy of Title Insurance number
- Fire Insurance Policies Number. (The borrower buys fire insur)
The demand letter says:
You are authorized to use the above described documents on of before _____, (date) provided you hold for the account of the undersigned the sum of $_____________, and interest at _______% per annum on $__________ from ______(date) to date of payment and pay a reconveyance fee of $45.
Disbursement to be made by your check etc...... If conditions of this escrow have not been complied with at expiration of time provided, you are to complete same at earliest possible date, unless I have otherwise instructed you in writing.
Questions: Is it standard to send escrow our original documents before we get paid, including order to reconvey?
Thanks for any information given to this newbie.