Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
District of Columbia Partial Release or Satisfaction of Mortgage by a Corporation is a legal process that allows a corporation to release or satisfy a portion of a mortgage that they have placed on a property located in the District of Columbia. This process is commonly used when a corporation wants to sell or transfer a portion of the property without fully paying off the entire mortgage. In the District of Columbia, there are two main types of partial release or satisfaction of mortgage by a corporation: 1. Partial Release of Mortgage: This type of release is used when a corporation wants to free a specific portion of the property from the mortgage lien. It enables the corporation to sell or transfer that portion of the property to another party without affecting the lien on the remaining property. The corporation must provide detailed information about the specific portion of the property to be released, including legal descriptions and boundaries. 2. Partial Satisfaction of Mortgage: This type of satisfaction occurs when a corporation has made partial payments towards the mortgage debt and wants to release the corresponding portion of the property from the mortgage lien. By doing so, the corporation can transfer ownership of that specific portion of the property to another entity, while still maintaining a lien on the remaining portion. The corporation must provide evidence of the partial payments made and the corresponding value of the portion to be released. In both cases, the District of Columbia requires the corporation to file a partial release or satisfaction of mortgage document with the appropriate county recorder's office, along with the required fees. This document should include pertinent details such as the legal description of the property, the amount of the original mortgage, the portion to be released, and any supporting evidence or documentation. It is crucial for corporations to adhere to all legal requirements and procedures outlined by the District of Columbia regarding partial release or satisfaction of mortgage by a corporation. Failure to comply with these regulations can lead to legal complications and potential challenges in the future. In conclusion, the District of Columbia Partial Release or Satisfaction of Mortgage by a Corporation is a necessary legal process that allows corporations to release or satisfy a portion of a mortgage on a property. This process facilitates smooth property transactions while ensuring the rights and interests of all parties involved are protected.
