It uses the term “non-refundable downpayment” and the broker required down payment paid prior to “putting it under contract.”The PSA states that I cannot assign the contract to someone else and that if I don’t meet the obligations of the contract, the downpayment will be released to the assignor. 

As for an update on the deal, we released contingencies about a week ago, and are set to close within a week. 

Creditor name, date entered, amount, attorneys fees if any, interest... you would reach out to the creditor for a written payoff statement and release (once paid).

Researching private and hard money lenders online, all lenders want a house under contract before releasing funds, however, working with a realtor, they want proof of funds prior to showing a house, let alone putting one under contract.

Your lender knows his loan is getting "moved" or "walked", because they have to sign satisfaction(document that's recorded to release lein) for closing agent without receiving money.

1- Secure contract with purchase price and terms2- Send contract to title (search and insure)3- Draft note and mortgage (you'll need a lawyer to do this- less than $500 likely)3- Seller uses proceeds (your down payment) to pay-off  the lien (The title company will handle all this)4- Close the transaction5- Establish payments to sellerYou'll want to make sure there will not be a delay between the payoff of the 1st lien- executing the "lien release" and closing your transaction- will require coordination.

Send them info about it well in advance. a nice package with a folder and a professional headshot and a printout of a press release for the event, with lots of great and interesting details that a reporter can easily report and even spice up as they do.

We are just now working through the process of subdividing our land and getting a partial lien release from the bank.

Don't release it until you have note buyer committed.

In this way if tenants dispute items and it takes awhile for CAM to get sorted out then new owner can pull from seller reserve and then whatever is not used for short fall is then released to seller.Even if expenses are fully paid for by tenants you still want to keep costs as low as possible an still save where you can.