Colorado Release of Mortgage / Deed of Trust - Full Release
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How to fill out Release Of Mortgage / Deed Of Trust - Full Release?
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DEED OF TRUST - In Colorado, a mortgage is generally called a Deed of Trust, and that document is signed and recorded at the time the property is purchased and financed. It is an arrangement between three parties: The borrower (grantor), the lender (beneficiary), and an impartial trustee.
DEED OF TRUST - In Colorado, a mortgage is generally called a Deed of Trust, and that document is signed and recorded at the time the property is purchased and financed.
When a real estate loan is satisfied, the lender executes a Request for Release of Deed of Trust with the Public Trustee for the county in which the property is located. The Public Trustee makes sure that the release is accurate and complete, executes the release, and records it with the County Clerk and Recorder.
A deed of release literally releases the parties to a deal from previous obligations, such as payments under the term of a mortgage because the loan has been paid off. The lender holds the title to real property until the mortgage's terms have been satisfied when a deed of release is commonly entered into.
To transfer real property into your Trust, a new deed reflecting the name of the Trust must be executed, notarized and recorded with the County Recorder in the County where the property is located. Care must be taken that the exact legal description in the existing deed appears on the new deed.
If the loan is completely paid off (either before or at the end of the loan term), the Trustee is responsible for dissolving the Trust and transferring the legal title over to the new owner (the borrower).
A Deed of Trust is an agreement between a borrower, a lender and a third-party person who's appointed as a Trustee. It's used to secure real estate transactions where money needs to be borrowed in order for property to be purchased.
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.
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.
