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

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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
year.

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

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

Answers:

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

Answered 3 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.


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