Date of Request: [Date]
Vessel/Asset Name: [Vessel Name or Asset Description]
Vessel Registration Number/IMO Number (if applicable): [Number]
Seller's Name: [Full Name of Seller]
Seller's Contact Information:

• Phone Number: [Phone Number]
• Email Address: [Email Address]
  Buyer's Name: [Full Name of Buyer]
  Buyer's Contact Information:
• Phone Number: [Phone Number]
• Email Address: [Email Address]
  Broker's Name: [Full Name of Broker]
  Broker's Contact Information:
• Phone Number: [Phone Number]
• Email Address: [Email Address]
  Lender/Financial Institution Name: [Name of Lender or Institution]
  Lender/Financial Institution Contact Information:
• Phone Number: [Phone Number]
• Email Address: [Email Address]

1. PURPOSE OF PAYOFF VERIFICATION

The purpose of this verification is to confirm the payoff amount required to clear any outstanding financial obligations (e.g., loans, liens, or encumbrances) associated with the vessel/asset, prior to the completion of the sale and transfer of ownership.

2. DETAILS OF OUTSTANDING BALANCE

• Loan Account Number: [Account Number]
• Original Loan Amount: [Original Loan Amount]
• Current Balance Due: [Current Loan Balance]
• Interest Rate: [Interest Rate %]
• Loan Term/Duration: [Term of the Loan (e.g., 5 years)]
• Maturity Date: [Maturity Date of Loan]
• Payoff Amount: [Total Payoff Amount Required to Clear the Loan, including principal and any accrued interest, fees, or penalties]

3. PAYOFF VERIFICATION REQUEST

We, [Seller's Name], request that [Lender/Financial Institution Name] provide a verification of the total payoff amount required to clear any and all financial obligations attached to the vessel/asset [Vessel Name] on or before the scheduled closing date of the transaction, [Closing Date].

• Requested Payoff Date: [Date by which the payoff amount should be verified]
• Amount to be Verified: [Total payoff amount requested]

Please confirm the following details:

• Current Outstanding Balance: [Outstanding balance at the time of verification]
• Additional Charges: [Any applicable fees, interest, or penalties not previously disclosed]
• Final Payoff Amount: [Total amount required to clear the loan/liens, if different from the outstanding balance]

4. INSTRUCTIONS FOR PAYOFF

The following instructions are provided for the payoff process:

• Payoff Instructions:

  • The final payoff amount will be due on or before [Date].

  • Payment should be made via [method of payment, e.g., wire transfer, certified check].

  • The payment should be directed to the following account:

    Account Name: [Account Holder’s Name]
    Bank Name: [Bank Name]
    Bank Address: [Bank Address]
    Account Number: [Bank Account Number]
    Routing Number: [Routing Number]
    SWIFT/BIC Code (if applicable): [SWIFT Code]
    Reference Information: [Transaction Reference or Loan Account Number]

• Additional Instructions:

  • Ensure that all fees associated with the transaction are paid at the time of settlement.
  • The lender should release the lien on the vessel/asset upon full settlement and provide the necessary documentation to the buyer or broker confirming that the lien has been satisfied and the vessel is free of any encumbrances.

5. REQUEST FOR DOCUMENTATION

Once the payoff amount is confirmed and processed, we request that [Lender/Financial Institution Name] provide the following documents to verify that the loan and/or lien has been cleared:

• Lien Release Letter: A formal letter or document confirming that all liens, loans, or encumbrances related to the vessel/asset have been satisfied and released.
• Title Transfer Documentation: Documentation indicating that the title or ownership of the vessel/asset is free of any financial obligations, and that it is clear for transfer to the buyer.

6. ACKNOWLEDGEMENT OF PAYOFF VERIFICATION

By signing below, all parties acknowledge the request for payoff verification and agree to the terms outlined above.

Seller's Acknowledgement:
Signature: ________________________
Name (Printed): ________________________
Date: _______________________

Buyer's Acknowledgement:
Signature: ________________________
Name (Printed): ________________________
Date: _______________________

Broker's Acknowledgement:
Signature: ________________________
Name (Printed): ________________________
Date: _______________________

7. CONTACT DETAILS FOR PAYOFF VERIFICATION INQUIRIES

For any inquiries regarding this payoff verification request, please contact:
Name: [Full Name of Contact Person]
Phone Number: [Phone Number]
Email Address: [Email Address]
Lender/Financial Institution Name: [Institution Name]
Address: [Institution Address]