Iowa Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor
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How to fill out Partial Release Of Mortgage / Deed Of Trust On A Mineral / Royalty Interest Sold By Grantor?
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FAQ
Real estate title deeds fall under the category of real estate documents, and the purpose of recording real estate documents in the public record is so that disputes regarding competition for real estate can be properly settled.
The second reason we record on the public record is to provide constructive notice. Constructive notice means that by recording a document, such as a deed, you have constructively, or in essence told everyone in that County, what is taking place.
The majority of the time a deed of trust is used in a real estate transaction in North Carolina, it will be a purchase money mortgage, or a mortgage issued to the borrower by the seller of the home as part of the purchase transaction, unlike a traditional mortgage which is obtained through a bank.
A mortgage involves only two parties: the borrower and the lender. A deed of trust has a borrower, lender and a ?trustee.? The trustee is a neutral third party that holds the title to a property until the loan is completely paid off by the borrower.
Warranty deeds, quit claim deeds, and other instruments pertaining to real property located in Iowa County can be recorded with the county recorder. Most documents are returned within one to two days.
A deed transfers the title of an asset to a new owner, and it is usually recorded in the local county clerk's office. Recording is a way to protect title and ownership because it puts the public on constructive notice as to the buyer's ownership. In real estate transactions, a deed is usually delivered at closing.
What is the function of recording a deed? It gives constructive notice of ownership.
While recording a deed does not affect its validity, it is extremely important to record since recordation protects the grantee. If a grantee fails to record, and another deed or any other document encumbering or affecting the title is recorded, the first grantee is in jeopardy.
