Illinois Release of Lien for Deed of Trust
Description
How to fill out Release Of Lien For Deed Of Trust?
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FAQ
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
Which document is available to the borrower when the loan secured by a deed of trust is completely repaid? The answer is release deed.
Illinois allows the use of both a deed of trust and a mortgage. Illinois is a lien-theory state. Mortgages are considered to be liens against the property and the vast majority of the liens in Illinois are mortgages.
A Release of Deed of Trust is a document signed and executed by the current beneficiary of a Deed of Trust. The release form is submitted to the Public Trustee's Office in the county in which the property is located.
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.
A certificate of release authorized by Section 15 must be executed and acknowledged as required by law, as in the case of a deed, and may be executed by an officer or a duly appointed agent of a title insurance company. The agent must be a currently registered title insurance agent of the title insurance company.
A deed of reconveyance is a legal document that indicates the transfer of a property's title from lender to borrower ? legally referred to as the trustor ? in deed of trust states. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full.
Deed of trust / Mortgage An instrument that secures a debt, the repayment of the loan/mortgage encumbered by real property. This is a three party document; the borrower (trustor), the beneficiary (lender), and the trustee who holds title to real property under the terms of a deed of trust.
