This form authorizes the chancery clerk or the recorder of deeds to release from the deed of trust or mortgage certain property described in the document.
Arizona Deed of Trust - Release
State:
Multi-State
Control #:
US-00489
Format:
Word;
Rich Text
Instant download
Description
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FAQ
Arizona Property Search (4 steps) Go to the Arizona Secretary of State's County Elections page and locate the county in which the property is located. Click on the county website and look for the ?recorder? information. ... Click on ?recorded docs? on the left-hand column and you will be brought to the Recorder's page.
What Is A Deed Of Trust? A deed of trust is an agreement between a home buyer and a lender at the closing of a property. The agreement states that the home buyer will repay the home loan and the mortgage lender will hold the property's legal title until the loan is paid in full.
A deed of release is a legal document that removes a previous claim on an asset. It provides documentation of release from a binding agreement. A deed of release might be included when a lender transfers the title of real estate to the homeowner upon satisfaction of the mortgage.
?Trust deed? or ?deed of trust? means a deed executed in conformity with this chapter and conveying trust property to a trustee or trustees qualified under § 33-803 to secure the performance of a contract or contracts, other than a trust deed which encumbers in whole or in part trust property located in Arizona and in ...
The release indicates that you no longer have this mortgage and the reconveyance shows that you have all right, title and interest in the property. After it is filed and recorded, you should get a copy of the document and it is imperative that you safeguard it for as long as you own the property.
Through a deed of release of mortgage, also called a release of deed of trust, the lender agrees to remove the deed of trust, which is the document containing all of the mortgage's terms and conditions that is filed at the beginning of the mortgage process.
If your circumstances change any you are no longer able to make your payments, your Trust Deed may fail and you will still be liable for your debts or even forced into bankruptcy.
Like a mortgage, a trust deed makes a piece of real property security (collateral) for a loan. If the loan is not repaid on time, the lender can foreclose on and sell the property and use the proceeds to pay off the loan. Note: A trust deed is not used to transfer property to a living trust (use a Grant Deed for that).
