Monday, March 21, 2016

Finished paying off a property. What steps should be taken next?


My mom currently lives on a property that she has been paying for about 8 years and she's almost done paying it. Two more payments and she's finished. I was wondering what are the next steps she needs to take after paying it off.

She doesn't really contact the owner, it's mostly just sending payment and receiving a receipt through the mail. He's kind of a grumpy old man so it's hard to talk to him. He owns multiple properties that he sells to people for a certain amount of payments and then the property is theirs.

I'm ignorant on the subject since I'm in college and have never owned a property. So I was wondering what she needs to do after she pays it off? I did some research and found some information regarding mortgages but I don't know if the same information applies to her situation.

Any help is appreciated. Thanks you!

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