Georgia Satisfaction, Release or Cancellation of Security Deed by Individual

State:
Georgia
Control #:
GA-S123-Z
Format:
Word; 
Rich Text
Instant download

Description

This form is for the satisfaction or release of a Security Deed for the state of Georgia by an Individual. This form complies with all state statutory laws and requires signing in front of a notary public. The described real estate is therefore released from the mortgage.

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FAQ

When a home is sold, refinanced by a different company, or the loan paid off, the bank sends in a Cancellation which means the debt is satisfied and they no longer have a mortgage on the property.

A type of mortgage used in a few states; the title to the property is transferred to the lender until the debt is paid in full.

When a home is sold, refinanced by a different company, or the loan paid off, the bank sends in a Cancellation which means the debt is satisfied and they no longer have a mortgage on the property.

In Georgia, can a security interest in real estate expire? Yes. A security interest in real estate expires (in other words, become unenforceable) seven years after expiration of the maturity of the debt.

A "Deed to Secure Debt" often called a "Security Deed" that is protected by a "Promissory Note" is the preferred method of financing by Lenders in Georgia.It being intended by the parties that this document shall operate as a deed, not as a mortgage and is made under those provisions of O.C.G.A.

They serve different purposes and are signed by different parties. The warranty deed transfers the property's ownership from the current owner to the new buyer, while the deed of trust ensures the lender has interest in the property in the event a buyer defaults on the loan.

A "Deed to Secure Debt" often called a "Security Deed" that is protected by a "Promissory Note" is the preferred method of financing by Lenders in Georgia.It being intended by the parties that this document shall operate as a deed, not as a mortgage and is made under those provisions of O.C.G.A.

Georgia law provides that a security deed can be cancelled by the Clerk of Superior Court upon receipt of an affidavit from an attorney with specified attachments. To find a lawyer, you may visit the State Bar of Georgia website at www.gabar.org/membership/membersearch.cfm.

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Georgia Satisfaction, Release or Cancellation of Security Deed by Individual