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Basically if you're selling it to a private party and you're selling it for MORE than what you owe, then the lender for the private party will cut two checks: One for the payoff while will go directly to the leinholder and the other for the residual which will go directly to the seller.
If you're selling it for LESS than what you owe, then the buyers lender will send the check to the leinholder and then you'll be responsible for covering the remaining balance with cash, check, loan, ect. before the title will be released.
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