Similar to the philosophical dilemma what comes first the chicken or the egg, when “closing” or completing a home buying and selling transaction there is a legal dilemma of what comes first, the buyer paying or the seller giving title to the property free and clear of a mortgage where the seller's lender likely requires the mortgage to be paid off first but the seller requires the purchase price to be paid by the buyer to do so.

The payout and discharge of mortgages is one of the many important reasons that lawyers are involved in buying and selling a home, and this post will address why lawyers are involved in the payout and discharge of mortgages in home buying and selling transactions, and some important considerations involved in doing so.