Closing Terms

Payoff Letter

A letter from a lender showing how much debt must be paid off at closing. Why it matters: This term affects what must happen at closing, how money moves, and how final obligations are documented.

Related terms

Closing

The moment when the sale officially happens and ownership transfers. Why it matters: This term affects what must happen at closing, how money moves, and how final obligations are documented.

Lender

A bank or financing company that provides debt. Why it matters: This gives owners a clearer way to understand buyer questions, advisor comments, and negotiation tradeoffs during a sale process.

More from Closing Terms

Bill of Sale Bring-Down Certificate Closing Closing Conditions Closing Date Closing Statement Funds Flow Post-Closing Adjustment Secretary Certificate Wire Transfer

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