From the advice of one of our preferred Attorneys, Mr. Chris Combs of Combs, Gottlieb & MacQueen, P.C.:
Documentation Releasing Seller Carryback
Question: Ten years ago we purchased 40 acres of vacant land near Coolidge with seller carryback financing. In other words, we signed a promissory note to pay the seller monthly payments secured by a deed of trust on the 40 acres of vacant land. The final monthly payment to the seller is due next month. When I make this final monthly payment to the seller, what happens?
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