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South Dakota Release of Mortgage by Lender - Individual Lender or...

South Dakota Release Of Mortgage Form Form

Category:

Real Estate - Mortgages and Deeds of Trust

State:

South Dakota

Control #:

SD-S123-Z

Format:

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Description

The South Dakota Release of Mortgage form is a legal document used to formally release a mortgage lien from a property, indicating that the debt secured by the mortgage has been paid in full. Key features of this form include a clear declaration of satisfaction, details of the mortgage being released, and the parties involved, such as the mortgagor and mortgagee. The form requires specific information such as the date of the mortgage, the description of the property, and relevant recording details. Users must fill out the document with accurate property details, including assessor’s parcel number and the notarization of signatures to validate the release. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants who manage real estate transactions, as it provides a legal way to clear title after a mortgage has been satisfied. Filling out the form properly ensures that the property is legally free from the mortgage encumbrance, which is crucial for future transactions involving the property. Overall, this form streamlines the process of managing property liens and aids in maintaining accurate property records.

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How to fill out South Dakota Release Of Mortgage By Lender - Individual Lender Or Holder?

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FAQ

Satisfaction of mortgage vs.Both a satisfaction of mortgage and deed of reconveyance indicate that the loan has been fully paid and the lien on the property has been released. A deed of reconveyance, however, is typically used in states where a deed of trust is also utilized.

If you have cleared a debt, a mortgage satisfaction document will give you clear title to real property. In other words, mortgage satisfaction is a document that results in release or discharge of a mortgage lien, and indicates that a borrower has cleared his/her debt.

Releasing a mortgage lien often involves two or three signatures. Depending on your state, the person who's given the mortgage, the borrower, and the lender may be required to sign the release. In many states, a notary public signature and, possibly, a seal, is also needed to have a legal release of lien.

A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.

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...?

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Release of Mortgage by Lender - Individual Lender or Holder

Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.

South Dakota Law

Assignment: An assignment must be in writing and recorded.

Demand to Satisfy: Following full payoff, mortgagor may demand in writting that mortgagee satisfy the mortgage of record, whereupon mortgagee has 10 days to do so or suffer penalty and potential liability (see below).

Recording Satisfaction: Instruments entitled to be recorded must be recorded by the register of deeds of the county in which the real property affected thereby is situated.

Penalty: If, following full repayment, mortgagee does not satisfy mortgage of record within 10 days of written request of mortgagor, mortgagee becomes liable for all damages mortgagor may have sustained thereby, including his attorney's fees and an additional penalty in the sum of one hundred dollars.

Acknowledgment: An assignment or satisfaction must contain a proper South Dakota acknowledgment, or other acknowledgment approved by Statute.

South Dakota Statutes

43-28-1. Recording of instruments affecting real estate with register of deeds.

Recording of instruments affecting real estate with register of deeds. Any instrument affecting the title to or possession of real property may be recorded as by law provided. Instruments entitled to be recorded must be recorded by the register of deeds of the county in which the real property affected thereby is situated.

44-3-8. Satisfaction of lien - Execution of discharge or release by holder - Damages for failure to execute and deliver satisfaction - Attorney fees - Additional penalty.

Whenever any mortgage, pledge, or other lien of any kind has been satisfied either by payment, foreclosure, or other legal means, the holder of such lien shall, within thirty days of satisfaction, deliver a sworn satisfaction to the debtor. However, immediately upon satisfaction of a lien or at any time thereafter, if the owner of the property makes written demand on the lienholder, the lienholder shall, within ten days of receipt, execute and deliver to the debtor a sufficient sworn satisfaction to cancel the lien or any record thereof. If the lienholder fails to execute and deliver to the owner of the property a sworn satisfaction within ten days of receipt of a proper written demand, the owner of the property is entitled to recover from the person who failed to comply with the provisions of this section all damages that he or she may have sustained thereby, including attorney's fees and an additional penalty in the sum of one hundred dollars.

Release of Mortgage by Lender - Individual Lender or Holder

South Dakota Law

Assignment: An assignment must be in writing and recorded.

Recording Satisfaction: Instruments entitled to be recorded must be recorded by the register of deeds of the county in which the real property affected thereby is situated.

Acknowledgment: An assignment or satisfaction must contain a proper South Dakota acknowledgment, or other acknowledgment approved by Statute.

South Dakota Statutes

43-28-1. Recording of instruments affecting real estate with register of deeds.

44-3-8. Satisfaction of lien - Execution of discharge or release by holder - Damages for failure to execute and deliver satisfaction - Attorney fees - Additional penalty.

South Dakota Release Of Mortgage Form Form

This form is part of a form package!

Description

Related forms

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How to fill out South Dakota Release Of Mortgage By Lender - Individual Lender Or Holder?

Form popularity

FAQ

Is satisfaction of mortgage the same as a deed?

What is mortgage release satisfaction and discharge?

How do you release a mortgage?

What is a release of mortgage letter?

How do you write a mortgage release letter?

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Trusted and secure by over 3 million people of the world’s leading companies

South Dakota Release Of Mortgage Form Form

This form is part of a form package!

Description

Related forms

Viewed forms

How to fill out South Dakota Release Of Mortgage By Lender - Individual Lender Or Holder?

Form popularity

FAQ

Is satisfaction of mortgage the same as a deed?

What is mortgage release satisfaction and discharge?

How do you release a mortgage?

What is a release of mortgage letter?

How do you write a mortgage release letter?

South Dakota Release Of Mortgage Form Form Related Searches

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