A Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a legal document that releases a specific portion or interest in a property from the terms and conditions of a mortgage or deed of trust. This release is executed by the original mortgage holder (the granter) upon receiving payment for the sale of a mineral or royalty interest. The Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter serves to document the release of the mortgage lien on the specific interest or portion of the property that has been sold. The document ensures that the grantee, the purchaser of the mineral or royalty interest, obtains clear ownership and title to the interest, free from any encumbrances associated with the original mortgage or deed of trust. Keywords: 1. Partial Release: The term "partial release" refers to the fact that only a specific portion or interest in the property is released from the mortgage or deed of trust, rather than the entire property. This distinction is important as it allows the granter to maintain the mortgage or deed of trust on any remaining portions or interests. 2. Mortgage: A mortgage is a legal agreement in which a lender provides funds to a borrower in exchange for a security interest in the borrower's property. In this case, the mortgage was established on the property but is being partially released due to the sale of a mineral or royalty interest. 3. Deed of Trust: A deed of trust is similar to a mortgage and serves as a security instrument in a loan agreement. It involves three parties: the borrower (granter), the lender (grantee), and a trustee. The trustee holds the property in trust as security for the loan. The deed of trust can also be partially released when a mineral or royalty interest is sold. 4. Mineral Interest: A mineral interest refers to the ownership or right to extract minerals, such as oil, gas, coal, or metal ores, from the property. It is an economic interest that can be bought, sold, or leased separately from the surface rights. A partial release of a mortgage or deed of trust ensures the grantee's ownership of the mineral interest. 5. Royalty Interest: Royalty interest refers to the right to receive a portion of the profits or revenue generated from the production of minerals from the property. It entitles the holder to a percentage of the income generated by the mineral extraction on the property. Similar to the mineral interest, a royalty interest can be sold separately, triggering the need for a partial release. Types of Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter: 1. Partial Release on Specific Mineral Interest: This type of release involves the granter releasing a particular portion or percentage of a specific mineral interest from the mortgage or deed of trust. 2. Partial Release on Specific Royalty Interest: This release type occurs when the granter releases a designated portion or percentage of a specific royalty interest from the terms and conditions of the mortgage or deed of trust. 3. Partial Release on Multiple Mineral/Royalty Interests: In some cases, the granter may sell multiple mineral or royalty interests separately, triggering the need for a partial release on each individual interest. Concluding Note: The Delaware Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a crucial document to ensure the proper transfer of ownership and title to the purchaser of a mineral or royalty interest. It allows the grantee to have a clear and encumbrance-free ownership of the specified interest, while the granter still maintains the mortgage or deed of trust on any remaining portions or interests.
Delaware Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor
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With a deed of trust, the lender gives the borrower the funds to make the home purchase. In exchange, the borrower provides the lender with a promissory note. The promissory note outlines the terms of the loan and the borrower's promise (hence the name) to pay.
A deed of trust is an agreement that puts the title of the property in trust, with the trustee as the beneficiary. Only until the debt is paid off by the borrower can a deed of reconveyance then be used to clear the deed of trust from the title to the property.
A Release of Loan Agreement is given to a Borrower by the Lender once the terms of the Loan Agreement are satisfied. This generally means that the Borrower has finished paying the Lender back the amount of money originally lent, plus any accumulated interest, if applicable.
What is the Difference Between a Deed and a Deed of Trust? The primary difference between a deed and a deed of trust is the purpose of each document. A deed transfers ownership of a property from one party to another, while a deed of trust secures a loan on a property.
A Reconciliation Agreement is a written agreement you and your spouse prepare in an attempt to reconcile marital differences while acknowledging the possibility of divorce. The agreement sets out the rights and obligations of you and your spouse if divorce becomes an unfortunate reality.
A provision or clause to release certain collateral from a loan or mortgage in exchange for the borrower's payment of a defined amount. The release provisions typically also contain other requirements as to leave the lender in an equal or improved position following the release of the collateral.
When a deed of trust/mortgage is paid in full, you can record a Full Reconveyance from the trustee stating publicly that the loan has been paid. The Full Reconveyance Form is completed and signed by the trustee, whose signature must be notarized.
