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I have a buyer for a home advertised on the multiple listing service. After entering escrow with the seller we find that there was a a third mortgage that the title company failed to record.?
Wiki User
∙ 14y ago
The 3rd mortgage should be promptly recorded so that it can be properly discharged of record for closing. The 3rd mortgage should have no bearing on the sale, since the Seller was aware of all the mortgages they have against the property and should have set the price of the property high enough to pay off all 3 mortgages against the property. You just need to make sure that the mortgage is properly recorded and properly discharged of record at closing.
Wiki User
∙ 14y ago
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