Payoff Confirmation

for Your State

This Payoff Confirmation is used by an original lender to inform a new lender that a loan has been paid off. This confirmation sets out all pertinent information regarding the original loan, the total amount of payoff and detailed instructions on how the loan will be paid.

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This Payoff Confirmation is for use by a lender to inform a new lender that borrower has paid off a loan. This confirmation sets out all pertinent information regarding the parties including the date of the original loan agreement, names of both borrower and lender and the total payoff amount (including any interest, other fees and charges and legal fees). It also sets out the specifics of how the new lender should pay off the existing loan. This Payoff Confirmation should always be set out in writing. A written confirmation containing all pertinent payoff information will prove invaluable in the event there are disputes regarding the original loan.

This Payoff Confirmation contains the following provisions:
  • Parties: The name and address of both borrower and new lender, date of the loan agreement and name of original lender;
  • Payoff Information: Sets out detailed payoff information including the principal balance, accrued interest, other fees or charges, legal fees and the total payoff figure;
  • Pay-off Payment: Sets out the specifics regarding the wire transfer of the pay-off loan amount;
  • Receipt: Both borrower and new lender will provide written acknowledgement of receipt of this Payoff Confirmation;
  • Signatures: The lender will sign this payoff confirmation and borrower and new lender will acknowledge receipt by signing at the bottom of the confirmation.

Protect yourself and your rights by using our attorney-prepared up-to-date forms.

This attorney-prepared packet contains:
  1. General Instructions
  2. Payoff Confirmation
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Pay-Off Confirmation

 

 

TO:   [Name of Borrower][Address of Borrower]
AND TO:   [Name of New Lender][Address of New Lender]
RE:   Loan Agreement, dated [Date of Loan Agreement] between [Name of Borrower] (the "Borrower") and [Name of Lender] (the "Lender"), as amended or supplemented from time to time (the "Loan Agreement")
1.   The Lender hereby certifies to each of the Borrower and [Name of New Lender] (the "New Lender") that:
(a)   The Lender is the holder of the Loan Agreement.
(b)   The total amount necessary to pay in full as of this date the outstanding loans under the Loan Agreement (collectively, the "Loans") and all other liabilities or indebtedness (collectively, the "Liabilities") of the Borrower to the Lender under the Loan Agreement and the other loan or collateral documents related thereto (collectively, the "Loan Documents"), is as follows:
(i)   Aggregate outstanding principal balance of the Liabilities as of this date:
[Principal Balance]
(ii)   Accrued but unpaid interest on the Liabilities as of this date:
[Accrued Interest]
(iii)   [Other (describe)]:
[Other Fees or Charges]
(iv)   Legal Fees and disbursements associated with Termination of Loan Agreement:
[Legal Fees]
(v)   Total pay-off amount as of this date on the Loan(s) and the other Liabilities:
[Total]
Per diem interest of $[Per Diem Interest].
2.   Payment of the foregoing sum (such payment being herein called the "Pay-Off Payment") should be made to the Lender by way of wire transfer in immediately available funds directed as follow:
Bank Name:   [Bank Name]
City and State:   [City and State of Bank]
Transit No.:   [Bank Transit No.]
For Credit to:   [Name of Account]
Re: Account No.:   [Account No.]
Re:   [Reference No.]
3.   The Lender hereby further certifies and confirms to each of the Borrower and the New Lender that, upon payment to the Lender on this date of the Pay-Off Payment in immediately available funds in accordance with the preceding paragraph (i) the Borrower will not be indebted to the Lender for any reason under the Loan Agreement or the other Loan Documents, (ii) the Loan Agreement, and the other Loan Documents and all of the Lender's security interests in, security titles to and other liens on all real and personal property assets of the Borrower will be automatically terminated and released, and (iii) the Lender will execute any and all discharges, mortgage releases and other such lien release documents as the Borrower or the New Lender may request in order to evidence or otherwise give public notice of such collateral terminations and releases (provided, however, that any and all such termination statements, mortgage releases and other such documents must be prepared and recorded at the Borrower's expense).
4.   The Lender acknowledges that each of the Borrower and the New Lender will rely on this Confirmation and the acknowledgments, certifications, confirmations and agreements of the Lender contained herein in connection with the financing to be provided by the New Lender to the Borrower.
The Lender hereby requests that each of the Borrower and the New Lender acknowledge its receipt and acceptance of and agreement to the terms and conditions set forth in this Confirmation by signing a copy of it in the appropriate space indicated below and returning it to the Lender. This Confirmation may be signed by each of the Borrower and the New Lender in several counterparts but this Confirmation shall not become effective unless and until it is so accepted and agreed to by each of the Borrower and the New Lender and returned to the Lender.
Very yours,
[NAME OF LENDER]
 
Per:                     Name:   Title:
Each of the undersigned hereby acknowledges its receipt and acceptance of and agreement to the terms and conditions of this Confirmation:
[NAME OF BORROWER]
 
Per:                     Name:   Title:
[NAME OF NEW LENDER]
 
Per:                     Name:   Title:
 
Number of Pages5
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28638
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
 
Pay-Off Confirmation

 

 

TO:   [Name of Borrower][Address of Borrower]
AND TO:   [Name of New Lender][Address of New Lender]
RE:   Loan Agreement, dated [Date of Loan Agreement] between [Name of Borrower] (the "Borrower") and [Name of Lender] (the "Lender"), as amended or supplemented from time to time (the "Loan Agreement")
1.   The Lender hereby certifies to each of the Borrower and [Name of New Lender] (the "New Lender") that:
(a)   The Lender is the holder of the Loan Agreement.
(b)   The total amount necessary to pay in full as of this date the outstanding loans under the Loan Agreement (collectively, the "Loans") and all other liabilities or indebtedness (collectively, the "Liabilities") of the Borrower to the Lender under the Loan Agreement and the other loan or collateral documents related thereto (collectively, the "Loan Documents"), is as follows:
(i)   Aggregate outstanding principal balance of the Liabilities as of this date:
[Principal Balance]
(ii)   Accrued but unpaid interest on the Liabilities as of this date:
[Accrued Interest]
(iii)   [Other (describe)]:
[Other Fees or Charges]
(iv)   Legal Fees and disbursements associated with Termination of Loan Agreement:
[Legal Fees]
(v)   Total pay-off amount as of this date on the Loan(s) and the other Liabilities:
[Total]
Per diem interest of $[Per Diem Interest].
2.   Payment of the foregoing sum (such payment being herein called the "Pay-Off Payment") should be made to the Lender by way of wire transfer in immediately available funds directed as follow:
Bank Name:   [Bank Name]
City and State:   [City and State of Bank]
Transit No.:   [Bank Transit No.]
For Credit to:   [Name of Account]
Re: Account No.:   [Account No.]
Re:   [Reference No.]
3.   The Lender hereby further certifies and confirms to each of the Borrower and the New Lender that, upon payment to the Lender on this date of the Pay-Off Payment in immediately available funds in accordance with the preceding paragraph (i) the Borrower will not be indebted to the Lender for any reason under the Loan Agreement or the other Loan Documents, (ii) the Loan Agreement, and the other Loan Documents and all of the Lender's security interests in, security titles to and other liens on all real and personal property assets of the Borrower will be automatically terminated and released, and (iii) the Lender will execute any and all discharges, mortgage releases and other such lien release documents as the Borrower or the New Lender may request in order to evidence or otherwise give public notice of such collateral terminations and releases (provided, however, that any and all such termination statements, mortgage releases and other such documents must be prepared and recorded at the Borrower's expense).
4.   The Lender acknowledges that each of the Borrower and the New Lender will rely on this Confirmation and the acknowledgments, certifications, confirmations and agreements of the Lender contained herein in connection with the financing to be provided by the New Lender to the Borrower.
The Lender hereby requests that each of the Borrower and the New Lender acknowledge its receipt and acceptance of and agreement to the terms and conditions set forth in this Confirmation by signing a copy of it in the appropriate space indicated below and returning it to the Lender. This Confirmation may be signed by each of the Borrower and the New Lender in several counterparts but this Confirmation shall not become effective unless and until it is so accepted and agreed to by each of the Borrower and the New Lender and returned to the Lender.
Very yours,
[NAME OF LENDER]
 
Per:                     Name:   Title:
Each of the undersigned hereby acknowledges its receipt and acceptance of and agreement to the terms and conditions of this Confirmation:
[NAME OF BORROWER]
 
Per:                     Name:   Title:
[NAME OF NEW LENDER]
 
Per:                     Name:   Title:
 
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