This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.
Illinois Authority to Release of Deed of Trust: Explained with Relevant Keywords In the state of Illinois, the Authority to Release of Deed of Trust is a vital legal document that serves as proof of the release and satisfaction of a mortgage loan. It is executed by the mortgage lender, also known as the lender of the deed of trust, and delivered to the borrower or property owner. Keywords: Illinois, Authority to Release, Deed of Trust, mortgage loan, lender, satisfaction, executed, borrower, property owner. When a borrower takes out a mortgage loan to purchase a property, the lender typically secures the loan by registering a deed of trust with the local county recorder's office. This document ensures that the lender has a claim against the property if the borrower defaults on the loan. However, once the mortgage loan is fully repaid, the borrower is entitled to have the deed of trust released, clearing the property of any liens. The Illinois Authority to Release of Deed of Trust acts as formal proof that the mortgage loan has been fulfilled and the lender's interest in the property has been relinquished. It is crucial for borrowers to obtain this document as it serves as evidence that the mortgage has been satisfied, encouraging transparency and peace of mind. Although there are no specific types of Authority to Release of Deed of Trust in Illinois, the process may vary depending on the lender, county regulations, and individual circumstances. However, regardless of the variation, certain key elements are present in every Illinois Authority to Release of Deed of Trust: 1. Date: The date of the release document signifies the moment the authority is granted to release the deed of trust. It also establishes the timeline for challenges or inquiries regarding the release. 2. Borrower Information: The full legal names of the borrower or property owner are stated. Any alias or additional information related to the borrower may also be mentioned. 3. Lender Information: The lender's name, address, contact information, and sometimes their legal representation are provided. This ensures clarity on the party responsible for releasing the deed of trust. 4. Property Details: A detailed description of the property, including its address, legal description, and tax identification numbers, is included. This information helps validate the correct property for which the release is being granted. 5. Loan Details: The original loan amount, loan number, and any relevant loan details are mentioned to identify the specific mortgage loan being discharged. This ensures precision in documenting the satisfaction of the correct loan. 6. Language of Release: The release document will typically include specific language stating the satisfaction and discharge of the mortgage loan. Essential terms such as "release," "discharge," and "satisfaction" are commonly used in this section. 7. Notary Acknowledgment: A notary public's presence is usually required for the signing and execution of the Authority to Release of Deed of Trust. The notary's acknowledgment verifies the authenticity of the document and ensures legal compliance. By obtaining an Illinois Authority to Release of Deed of Trust, borrowers can confidently establish that their property is free and clear from any encumbrances related to the mortgage loan. Once recorded with the county recorder's office, this document becomes public record, providing evidence of the borrower's homeownership without any outstanding lien. In summary, the Illinois Authority to Release of Deed of Trust is a legally important document that signifies the satisfaction of a mortgage loan and the subsequent release of the lender's claim on the property. It is crucial for borrowers to secure this document to ensure the property's title is unencumbered.
