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South Carolina Partial Release of Property From Mortgage by Individual...

South Carolina Partial Release of Property From Mortgage by Individual Holder

Category:

Real Estate - Mortgages and Deeds of Trust

State:

South Carolina

Control #:

SC-S124-Z

Format:

Instant download

Description

This form is for a holder of a deed of trust or mortgage (see title) to release a portion of the real property described as security. It asserts that the identified and referenced deed of trust or mortgage remains in full force or effect as to the remaining property.

Definition and meaning

The South Carolina Partial Release of Property From Mortgage by Individual Holder is a legal document that enables the holder of a mortgage to release a part of a property from the obligations of that mortgage. This can occur without needing to pay off the entire mortgage debt. Such a release can be beneficial for property owners who are selling a portion of their property or for those who need to refinance. Maintaining a record of the partial release is essential, as the remaining property continues to be subject to the mortgage terms.

How to complete a form

Completing the South Carolina Partial Release of Property From Mortgage by Individual Holder involves several key steps:

Fill in your name and address in the designated spaces.
Provide details regarding the original mortgage, including the date, mortgagor(s), mortgagee, and the book and page number where it is recorded.
Describe the specific property being released, or attach a detailed description.
Sign and date the document in the presence of a witness and a notary public to make it legally binding.

Double-check for accuracy before submission to ensure that the release will be accepted.

Who should use this form

This form is primarily intended for individuals who hold a mortgage and need to release part of their property from the obligations of that mortgage. It is suitable for:

Homeowners selling a portion of their land.
Property owners needing to adjust their mortgage obligations.
Individuals participating in estate planning processes.

If you are unsure whether this form is suitable for your situation, it may be beneficial to consult with a legal professional.

Legal use and context

The Partial Release of Property From Mortgage is crucial in South Carolina property law. This document legally separates a portion of the property from the mortgage liability, allowing for better financial management and property transfer. It is especially relevant in real estate transactions, inheritance situations, and when modifying existing financial obligations.

Key components of the form

Essential parts of the South Carolina Partial Release of Property From Mortgage include:

Identification of Parties: This section names the mortgagor(s) and mortgagee involved in the mortgage.
Description of Property: A clear description of the property that is being released from the mortgage is required.
Effective Date: The date when the partial release comes into effect.
Notary Acknowledgment: This area must be signed by a notary public to confirm the identities of those signing the form.

Completing each section accurately ensures the form's validity and effectiveness.

What documents you may need alongside this one

When completing the South Carolina Partial Release of Property From Mortgage, consider having the following documents on hand:

The original mortgage agreement that outlines the full terms.
Any previous partial release documents if applicable.
Title documents that provide proof of ownership.

Having these documents ready can facilitate the process and help avoid delays.

What to expect during notarization or witnessing

During the notarization of the Partial Release of Property From Mortgage, you should expect the following:

You will need to present valid identification to the notary public.
The notary will confirm your identity and witness your signature on the document.
Once witnessed, the notary will provide their seal and signature, legitimizing the document.

This process ensures that the document is legally binding and recognized by the state.

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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.

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.

A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.Depending on your situation, you may be required to make a financial contribution to receive a mortgage release.

Take possession of all the papers. Get an NOC. Get your CIBIL report updated. Get the lien withdrawn. Get an encumbrance certificate.

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.

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.

If you are approved for the partial mortgage release, you will receive notification within two to six weeks.

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Partial Release of Property From Mortgage by Individual 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 rule 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 Carolina Law

Assignment:

It is recommended that an assignment be in writing and recorded.

Demand to Satisfy:

Mortgagor must demand satisfaction in writting, by certified mail or other form of delivery with proof of delivery. Mortgagee has 3 months to enter satisfaction of record.

Recording Satisfaction:

In the presence of the officer or his deputy write across the face of the record of the instrument the words, "The debt secured is paid in full and the lien of this instrument is satisfied", or words of like meaning and date the notation and sign it, the signature to be witnessed by the officer or his deputy. Other methods are possible. See code section 29-3-330, below.

Marginal Satisfaction:

Satisfaction may be indicated in the margin of the mortgage document. See code section 29-3-330, below.

Penalty:

If Mortgagee fails to record within the 3 month period following the written request, penalty is a sum of money not exceeding one-half of the amount of the debt secured by the mortgage, or twenty-five thousand dollars, whichever is less, plus actual damages, costs, and attorney's fees in the discretion of the court, to be recovered by action in any court of competent jurisdiction within the State. And on judgment being rendered for the plaintiff in any such action, the presiding judge shall order satisfaction to be entered.

Acknowledgment:

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

South Carolina Statutes

SECTION 29-3-310. Satisfaction shall be entered upon full payment.

Any holder of record of a mortgage who has received full payment or satisfaction or to whom a legal tender has been made of his debts, damages, costs, and charges secured by mortgage of real estate shall, at the request by certified mail or other form of delivery with a proof of delivery of the mortgagor or of his legal representative or any other person being a creditor of the debtor or a purchaser under him or having an interest in any estate bound by the mortgage and on tender of the fees of office for entering satisfaction, within three months after the certified mail, or other form of delivery, with a proof of delivery, request is made, enter satisfaction in the proper office on the mortgage which shall forever thereafter discharge and satisfy the mortgage.

SECTION 29-3-320. Liability for failure to enter satisfaction.

Any holder of record of a mortgage having received such payment, satisfaction, or tender as aforesaid who shall not, by himself or his attorney, within three months after such certified mail, or other form of delivery, with a proof of delivery, request and tender of fees of office, repair to the proper office and enter satisfaction as aforesaid shall forfeit and pay to the person aggrieved a sum of money not exceeding one-half of the amount of the debt secured by the mortgage, or twenty-five thousand dollars, whichever is less, plus actual damages, costs, and attorney's fees in the discretion of the court, to be recovered by action in any court of competent jurisdiction within the State. And on judgment being rendered for the plaintiff in any such action, the presiding judge shall order satisfaction to be entered on the judgment or mortgage aforesaid by the clerk, register, or other proper officer whose duty it shall be, on receiving such order, to record it and to enter satisfaction accordingly.

Notwithstanding any limitations under Sections 37-2-202 and 37-3-202, the holder of record of the mortgage may charge a reasonable fee at the time of the satisfaction not to exceed twenty-five dollars to cover the cost of processing and recording the satisfaction or cancellation. If the mortgagor or his legal representative instructs the holder of record of the mortgage that the mortgagor will be responsible for filing the satisfaction, the holder of the mortgage shall mail or deliver the satisfied mortgage to the mortgagor or his legal representative with no satisfaction fee charged.

SECTION 29-3-330. Methods of entering satisfaction.

Any mortgage, deed of trust, or other written instrument securing the payment of money and being a lien upon real property may be cancelled, discharged, and released by any of the following methods:

(a) The mortgagee or other person being the owner or holder of the mortgage, as appears by the record of the instrument or any assignment of the instrument, or the legal representative or attorney in fact, under a written instrument duly recorded, of the holder of the instrument, may exhibit the instrument to the officer or his deputy who has charge of the recording of the instrument and then in the presence of the officer or his deputy write across the face of the record of the instrument the words, "The debt secured is paid in full and the lien of this instrument is satisfied", or words of like meaning and date the notation and sign it, the signature to be witnessed by the officer or his deputy;

(b) The satisfaction of the mortgage, deed of trust, or other instrument securing the payment of money and being a lien upon real property may be written upon or attached to the original instrument and executed by any person above named in the presence of one or more witnesses, in which event the satisfaction must be recorded across the face of the record of the original instrument; or

(c) In case the original mortgage, deed of trust, or other instrument securing the payment of money and being a lien upon real property has been lost or destroyed it may be satisfied, either by the owner and holder of the instrument in person or his personal representative or duly authorized attorney in fact, by an instrument in writing duly executed in the presence of two witnesses and probated, and in addition the person executing the satisfaction shall make an affidavit that he or the person he represents is at the time of the satisfaction a bona fide owner and holder of the mortgage, deed of trust, or other instrument securing the payment of money and being a lien upon real property and that has not been assigned, hypothecated, or otherwise disposed of. The affidavit must be recorded along with the satisfaction. The maker of any affidavit which is false is guilty of perjury and punished as by law provided for the punishment of perjury.

The signature of owner or holder of the instrument which has been lost or destroyed to which this section applies may be proved in the manner provided above or in the alternative may also be acknowledged by the owner or holder of the instrument in the presence of two witnesses, taken before an officer competent to administer an oath. The form of the acknowledgement must be as provided in Section 30-5-30(C) and if the acknowledgement is taken outside this State, it may be taken in the manner provided in Section 30-5-30(B).

(d) If the mortgage, deed of trust, or other written instrument was recorded in counterparts, the original of the instrument need not be presented and the satisfaction of it may be evidenced by an instrument of satisfaction, release, or discharge, which may be executed in counterparts, executed by the mortgagee, the holder of the mortgage, the legal representative, or the attorney-in-fact. Upon presentation of the instrument of satisfaction, release, or discharge, or a counterpart of it, the officer or his deputy having charge of the recording of instruments shall record the same.

(e) Any licensed attorney admitted to practice in the State of South Carolina who can provide proof of payment of funds by evidence of payment made payable to the mortgagee, holder of record, servicer, or other party entitled to receive payment may record, or cause to be recorded, an affidavit, in writing, duly executed in the presence of two witnesses and probated or acknowledged, which states that full payment of the balance or pay-off amount of the mortgage or other instrument securing the payment of money and being a lien upon real property has been made and that evidence of payment from the mortgagee, assignee, or servicer exists. This affidavit, duly recorded in the appropriate county, shall serve as notice of satisfaction of the mortgage and release of the lien upon the real property. The filing of the affidavit shall be sufficient to satisfy, release, or discharge the lien. Upon presentation of the instrument of satisfaction, release, or discharge, the officer or his deputy having charge of the recording of instruments shall record the same. This section may not be construed to require an attorney to record an affidavit pursuant to Section 29-3-330(e) or to create liability for failure to file such affidavit. The licensed attorney signing any such instrument which is false is guilty of perjury and subject to Section 16-9-10 and shall be liable for damages that any person may sustain as a result of the false affidavit, including reasonable attorney's fees incurred in connection with the recovery of such damages.

SECTION 29-3-340. Certificate of satisfaction.

The recording officer or his deputy shall enter on the original mortgage, deed of trust, or other instrument securing the payment and being a lien upon real property when it is produced before him a certificate that a satisfaction has been entered of record and the date of the entry.

Partial Release of Property From Mortgage by Individual Holder

Assignments Generally:

Satisfactions Generally:

South Carolina Law

Assignment:

It is recommended that an assignment be in writing and recorded.

Demand to Satisfy:

Mortgagor must demand satisfaction in writting, by certified mail or other form of delivery with proof of delivery. Mortgagee has 3 months to enter satisfaction of record.

Recording Satisfaction:

Marginal Satisfaction:

Satisfaction may be indicated in the margin of the mortgage document. See code section 29-3-330, below.

Penalty:

Acknowledgment:

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

South Carolina Statutes

SECTION 29-3-310. Satisfaction shall be entered upon full payment.

SECTION 29-3-320. Liability for failure to enter satisfaction.

SECTION 29-3-330. Methods of entering satisfaction.

Any mortgage, deed of trust, or other written instrument securing the payment of money and being a lien upon real property may be cancelled, discharged, and released by any of the following methods:

SECTION 29-3-340. Certificate of satisfaction.

South Carolina Partial Release of Property From Mortgage by Individual Holder

Description

Definition and meaning

How to complete a form

Who should use this form

Legal use and context

Key components of the form

What documents you may need alongside this one

What to expect during notarization or witnessing

Related forms

Viewed forms

How to fill out South Carolina Partial Release Of Property From Mortgage By Individual Holder?

Form popularity

FAQ

How long does it take to get a mortgage release?

What type of loan usually has a partial release clause?

What is a mortgage release document?

How do I release my mortgage property?

How does a partial release of mortgage work?

Which situation would require a partial release?

How long does it take to get a partial mortgage release?

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