Partial Release of Deed of Trust
Definition and meaning
A Partial Release of Deed of Trust is a legal document that allows a lender to release a portion of the property secured under a deed of trust from the lien obligations. This type of release is commonly used when the borrower has paid off a section of the loan or if a specific parcel of land is being sold without requiring the entire loan to be settled.
How to complete a form
Completing the Partial Release of Deed of Trust form involves several steps:
- Begin by clearly stating the name of the bank or lender releasing the deed of trust.
- Provide details regarding the original deed of trust, including the date it was executed and the book and page number where it was recorded.
- Describe the portion of property being released, ensuring that the description is accurate and clear.
- Include a statement that clarifies that all other property described in the deed remains secured by the lien.
- Sign the document on the designated date, and ensure it is notarized for legal purposes.
Who should use this form
This form is suitable for individuals or entities who have an existing deed of trust and wish to have a portion of the property released from the lien. Common users include property owners looking to sell part of their land or those who have paid off a portion of their mortgage and need an official release.
Key components of the form
The Partial Release of Deed of Trust should include the following key components:
- The full name and contact information of the lender.
- The date of the original deed of trust.
- A clear description of the property and the specific portion being released.
- A statement indicating that other portions of the property remain under lien.
- Signature lines for the appropriate parties and a section for notarization.
What to expect during notarization or witnessing
When notarizing a Partial Release of Deed of Trust, the signer will need to present valid identification to the notary public. The notary will verify the signer's identity, witness the signing of the document, and affix their official seal. This process may vary slightly by state, but it generally reinforces the validity of the document.
Common mistakes to avoid when using this form
When completing the Partial Release of Deed of Trust, be mindful of the following common mistakes:
- Failing to provide an accurate property description, which may lead to legal disputes.
- Not having the document notarized, which may render it ineffective.
- Omitting details of other properties that remain secured under the deed of trust.
Benefits of using this form online
Using the Partial Release of Deed of Trust form online offers several advantages:
- Convenience: Complete the form from home, without the need for in-person visits.
- Time-saving: Access templates tailored to your needs quickly.
- Expertly drafted: Ensure compliance by using a form prepared by licensed attorneys.
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FAQ
A judgment lien lasts for ten years. According to Section 52.001 of the Texas Property Code, a judgment lien cannot attach to any real property that is exempt from seizure or forced sale under Chapter 41 of the Texas Property Code.
If you are approved for the partial mortgage release, you will receive notification within two to six weeks.
It is active for 10 years and can be renewed if the have attempted to execute on the judgment. They will not be able to foreclose on the homestead unless the homestead looses its status as homestead.
The homestead is exempt. This means a house and up to one acre of land in an urban area, or a house and up to two hundred acres of land in a rural area. Current wages for personal services, certain unpaid commissions for personal services, and certain health aids are exempt.
A partial release of judgment lien is necessary to release a judgment from your home.Obtaining a partial release of a judgment typically means that you are releasing your homestead property from the judgment, but you are not releasing yourself from the judgment liability.
A Satisfaction of Judgment is basically an official receipt which says that you owed a certain amount, but that it has been paid, either partially or in full.
A partial reconveyance is to reconvey a portion of the land subject to a deed of trust, not the loan amount.He will have to wait to pay off the full loan before the property is granted back to him.
Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.