This is a sample partial release of property from mortgage issued by an individual. A portion of the real property used to secure a promissory note is released however, the secured lien as to the remaining property remains in full force and effect.
Partial Release Of Mortgage Template Form
State:
Alabama
Control #:
AL-S124
Format:
Word;
Rich Text
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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.
In addition the following information should be included:The Payee Name.The Owner(s) of the mortgage holder.Total amount of mortgage.Mortgage date of execution.Full and legal description of the property to include tax parcel number.Acknowledgement that all payments have been made in full.More items...?
A partial lien release is a legal contract that enables your lender to release their lien on a part of your mortgaged property. Under the typical terms of a partial release, if you pay down a certain amount of your mortgage principal, your lender will agree to release some of your property from the loan contract.
Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release. Borrowers may need to pay fees to the lender and to the county recorder's office. A mortgagor may request a partial release when they wish to sell a portion of the land on their property.
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.
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The release must satisfy any conditions specified in the loan documents. (a) A document is a partial release if it does all of the following: (1) Identifies the type of security instrument, the original parties to the security.The type and form of a lien release will vary, depending upon the state's law where the property is located and whether full or partial payment is made. Make sure one of the boxes (Full or Partial) is checked at the top of each Release of Deed of Trust Form.