When you sell to us, we pay the closing costs. Your liens are paid off from the sale at closing.
The closing-cost promise does not pay your mortgage balance, liens, back taxes, or your share of current property taxes. The title company and the creditor or taxing office confirm the current amounts and payoff instructions for the transaction.
A lien is a legal claim tied to a property or the money due from its sale. A payoff is the current amount and instructions a creditor or taxing office gives to satisfy an obligation as of a stated date. The final settlement statement shows the sale amount and the payoffs and other items charged at closing.