Escrow & Title
A Minnesota buyer orders a title search and the examiner finds a 15-year-old mortgage that was paid off but never released. Who is responsible for obtaining the mortgage release?
AThe buyer
BThe seller✓ Correct
CThe title company automatically clears it
DThe original lender must clear it without seller involvement
Explanation
The seller is responsible for clearing title defects, including unreleased mortgages. The seller must obtain a mortgage satisfaction or discharge from the lender and record it before closing.
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