This is an assignment of mortgage/deed of trust form where the owner of the deed of trust/mortgage conveys the owner's interest in the deed of trust/mortgage to a third party. The holder of the deed of trust/mortgage is a corporation.
Indiana Partial Release of Property From Mortgage for Corporation
State:
Indiana
Control #:
IN-S124
Format:
Word;
PDF;
Rich Text
Instant download
Description
Definition and meaning
The Indiana Partial Release of Property From Mortgage for Corporation is a legal document that allows a corporation to release a portion of its mortgaged property from the obligations of a mortgage. This release does not discharge the mortgage entirely, as the remaining property continues to be encumbered. Typically, this form is utilized in real estate transactions where a corporation wants to free up a part of its property for sale or development while retaining the rest under the same mortgage.
How to complete a form
To fill out the Indiana Partial Release of Property From Mortgage for Corporation, follow these steps:
- Enter the name of the corporation and the date of the mortgage
- Provide details of the mortgagor and mortgagee
- Fill in the mortgage record information, including the document number
- Include a legal description of the property being released, referenced as Exhibit A
- Ensure to add the signature of the corporation’s representative and the notary public
- Lastly, confirm all entries are correct before submission
Who should use this form
This form is essential for corporations subjected to a mortgage who wish to release specific tracts of their property. It is typically used in real estate scenarios where partial releases are necessary, such as during property sales or refinancing. Corporations in Indiana that are home to multiple properties under a single mortgage may find this form particularly beneficial.
Key components of the form
The Indiana Partial Release of Property From Mortgage for Corporation contains several critical components:
- The name and address of the corporation
- The date of the original mortgage and recording information
- A detailed legal description of the property being released
- Signature lines for corporate representatives and notary public
- A statement affirming that the mortgage remains in effect for the undisclosed portions of the property
Common mistakes to avoid when using this form
When completing the Indiana Partial Release of Property From Mortgage for Corporation, be mindful of the following common errors:
- Failing to provide complete and accurate property descriptions
- Missing signatures from corporate officials or the notary
- Omitting essential mortgage recording information
- Submitting the form without verifying the legality of the mortgage
What documents you may need alongside this one
In addition to the Indiana Partial Release of Property From Mortgage for Corporation, you may need the following documents:
- The original mortgage agreement
- Any previous releases of mortgage for reference
- Documentation proving the corporation's authority to execute the release
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FAQ
A mortgage release usually takes around 90 days to complete, but this could be shorter or longer depending upon your specific situation.
Which situation would require a partial release? A borrower who wishes to sell a property that is part of a blanket mortgage(multiple properties and one mortgage loan) would need the lender to issue a partial release on the property being sold to release the lien and give the property a clean title.
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.
In most cases, the lien holder (the lender in this case) should send the release to be recorded within 30-90 days. If you aren't sure what the requirements are in your area, reach out to your real estate agent, title agent, or real estate attorney for guidance.
A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
If you are approved for the partial mortgage release, you will receive notification within two to six weeks.
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.