Colorado Partial Release of Mortgage / Deed of Trust
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How to fill out Partial Release Of Mortgage / Deed Of Trust?
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A standard form deed of release by which a lender releases some, but not all, of the mortgages and charges granted to it by a security provider under a security agreement.
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.
A mortgage involves two parties, while a deed of trust has three, and. mortgages are usually foreclosed judicially, while deeds of trust typically go through a nonjudicial foreclosure process (but not always).
In Colorado, most lenders prefer to use deeds of trust to secure their interest for a loan, and legal title to properties are held by the public trustee in the county where the secured property is located.
Deeds of trust are used instead of mortgage loans in these states: Alaska. California. Colorado.
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.
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.
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.
