Real Estate Partnership Agreement Template With Collateral
Description
How to fill out Real Estate General Partnership Agreement?
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FAQ
The certificate of satisfaction shall be signed by the creditor or his duly authorized agent, attorney or attorney-in-fact, or any person to whom the instrument evidencing the indebtedness has been endorsed or assigned for the purpose of effecting such release.
A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.
Once the deed of trust or mortgage is paid off, the lender prepares a Certificate and Affidavit of Satisfaction. The lender may record a Certificate and Affidavit of Satisfaction on behalf of the borrower or send the borrower the original to be recorded.
A deed of trust ? the form used almost exclusively in Virginia and in many other states in place of a true mortgage ? is similar to a mortgage in that both create a lien on the property to secure repayment of a loan. This lien gives the lender the right to sell the real property in the event the loan is not repaid.
A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.
Virginia is a ?Race/Notice? state, which means that if a subsequent good faith buyer arrives at the Courthouse and records his deed to a property before an earlier owner has recorded his interest, the first to record prevails.
The certificate of satisfaction shall be signed by the creditor or his duly authorized agent, attorney, or attorney-in-fact or any person to whom the instrument evidencing the indebtedness has been endorsed or assigned for the purpose of effecting such release.
If the satisfaction of mortgage isn't recorded, the property owner may have trouble when they try to refinance or sell the property. They'll have to chase down the discharge documents and get them recorded in order to clear the title. It can even cause a delay to the closing.