What documents are required to satisfy an owner held mortgage in Alabama??

UPDATED: Oct 1, 2022

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

UPDATED: Oct 1, 2022Fact Checked

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

What documents are required to satisfy an owner held mortgage in Alabama??

Our church sold our old building to another church and we held the mortgage.
The mortgage will be paid in full in August of 2019, but we want to ‘gift them’
the last 8 months of the mortgage and ‘just say it’s paid off in December of this

So, question is How do we do this???

Asked on August 8, 2018 under Real Estate Law, Alabama


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 4 years ago | Contributor

If a mortgage is paid off then you would be requiedd to file a Satisfaction.  That is the simple answer.  As for the other portion of the question you would need to speak to your accountant and so should the other Church.  The laws in our state may allow for the amount to be left off the Satisfaction and just say it was indeed paid off.  The rest of it is tax stuff and you should ask an expert in that field.  There are tax ramifications. Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

secured lock Secured with SHA-256 Encryption