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Kansas Partial Release of Property From Mortgage by Individual Holder

Kansas Partial Release of Property From Mortgage by Individual Holder

State:

Category:

Real Estate - Mortgages and Deeds of Trust

Control #:

KS-S124-Z

Format:

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Overview of this form

The Partial Release of Property From Mortgage by Individual Holder is a legal document used to release a specific portion of real property that is currently secured by a mortgage or deed of trust. Unlike a full release, this form maintains the mortgage's validity on the remaining property. It is essential for individuals who want to remove part of their collateral while keeping their original mortgage agreement intact.

What’s included in this form

Space for the Register of Deeds to complete the registration.
Identification of the mortgage subject to the partial release, including date, mortgagor, mortgagee, and recording details.
A legal description of the property being released, referenced as an Exhibit A.
Signature block for the individual holder executing the release.
Date of execution of the form.

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When to use this document

This form should be used when a mortgage holder wishes to release a specific portion of the property that is pledged as collateral without discharging the mortgage for the rest of the property. Common scenarios may include selling a part of the land to a buyer or when a borrower wants to refinance a portion of their real estate while keeping the mortgage intact for the rest.

Intended users of this form

Individuals who hold a deed of trust or mortgage on a property.
Property owners looking to sell or transfer a portion of their real estate.
Borrowers seeking to modify their existing mortgage terms while retaining the remainder of their property as security.

Completing this form step by step

Identify the parties involved, including the mortgagor and mortgagee.
Specify the date of the original mortgage and provide the recording details.
Attach a legal description of the property being released as Exhibit A.
Have the individual holder sign and date the form.
Submit the completed form to the Register of Deeds for recording.

Is notarization required?

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

Common mistakes to avoid

Forgetting to include the legal description of the property being released.
Not providing accurate recording details such as Book and Page numbers.
Failing to sign and date the form before submission.
Using incorrect terminology or language that does not comply with local legal standards.

Benefits of completing this form online

Quick and convenient access to legal forms without needing to visit a law office.
Edit and customize the form to fit your specific situation easily.
Reliable templates drafted by licensed attorneys, ensuring legal validity.

Quick recap

The form allows you to partially release property from a mortgage while keeping the rest secured.
It's essential to attach the correct legal description of the property being released.
Proper execution and submission to the Register of Deeds ensure the legality of the release.

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FAQ

A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.Depending on your situation, you may be required to make a financial contribution to receive a mortgage release.

Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.

Which situation would require a partial release? A borrower who wishes to sell a property that is part of a blanket mortgage(multiple properties and one mortgage loan) would need the lender to issue a partial release on the property being sold to release the lien and give the property a clean title.

Take possession of all the papers. Get an NOC. Get your CIBIL report updated. Get the lien withdrawn. Get an encumbrance certificate.

A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.

If you are approved for the partial mortgage release, you will receive notification within two to six weeks.

A mortgage release usually takes around 90 days to complete, but this could be shorter or longer depending upon your specific situation.

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Partial Release of Property From Mortgage by Individual Holder

Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.

Kansas Law

Execution of Assignment or Satisfaction: Must be signed by the mortgagee.

Assignment: An assignment must be in writing and recorded.

Demand to Satisfy: Upon full payoff, mortgagor may make written demand by certified or registered mail requesting mortgagee to record satisfaction of mortgage, whereupon mortgagee has 20 days to comply or face liability.

Recording Satisfaction: Any mortgage of real property that has been or may hereafter be recorded shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage, signed by the mortgagee, and duly acknowledged and certified as other instruments affecting real estate.

Marginal Satisfaction: Not allowed- satisfaction must be by separate instrument.

Penalty: If mortgagee fails to have mortgage satisfied of record within 20 days of receipt of demand therefore, mortgagee shall be liable in damages to the person for whom the demand was made in the sum of $500, together with a reasonable attorney's fee for preparing and prosecuting the action. The plaintiff in such action may recover any additional damages that the evidence in the case warrants.

Acknowledgment: An assignment or satisfaction must contain a proper Kansas acknowledgment, or other acknowledgment approved by statute.

Kansas Statutes

58-2306. Discharge or assignment of recorded mortgage; procedure.

(a) Except as otherwise provided by this section, any mortgage of real property that has been or may hereafter be recorded shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage, signed by the mortgagee or such mortgagee's duly authorized attorney in fact, assignee of record, personal representative or by the lender or a designated closing agent acting as a closing agent in the sale, financing or refinancing of the real estate subject to such mortgage who has caused the indebtedness to be paid in full upon compliance with K.S.A. 58-2309a, and amendments thereto, and duly acknowledged and certified as other instruments affecting real estate. Such instrument shall contain the name of the mortgagor and mortgagee, a legal description of the property and the volume and page in which the mortgage is recorded.

(b) Where the mortgagee or assignee of record is deceased, and where the estate of such deceased mortgagee or assignee of record is in process of administration, in this or any other state, an assignment or a full release of such mortgage may be made by the executor or administrator without any showing as to the provisions of the will of the deceased, but there must accompany such assignment or release, as a part thereof, a certificate from a court of competent jurisdiction appointing such executor or administrator, under the hand of its proper officer, and attested by its seal, certifying as to such appointment, and that such executor or administrator is, at the date of such assignment or release, still so acting under the authority of such court. Such certificate shall not be required when the executor or administrator is acting under appointment of the district court of the county where the real estate mortgaged is located. Where the estate of such deceased has not been administered upon, or where the estate of such deceased has been administered and settled and the executor or administrator discharged, such assignment or release may be made by the heirs at law or legatee of such deceased mortgagee or assignee, and competent evidence must be furnished by them of the fact.

(c) Where the mortgagee or assignee of record is a firm or partnership, such mortgage shall be assigned or discharged by an instrument acknowledging the assignment or satisfaction of such mortgage as hereinbefore provided. Such instrument shall be signed either by each member of the firm or partnership, or by the firm or partnership, or by the firm or partnership by one of the members thereof.

(d) Any mortgage which, prior to July 1, 1977, has been released by a notation on the original mortgage instrument and signed by the mortgagee or the mortgagee's duly authorized attorney in fact, assignee of record or personal representative may be recorded in the office of the register of deeds of the county where the mortgaged property is located. When recorded, such release shall have the same force and effect as mortgages discharged in accordance with subsection (a).

58-2308. Discharge or assignment of mortgage to be recorded at length. Every such instrument, and the proof or acknowledgment thereof, shall be recorded at full length by the register of deeds, and a reference shall be made to the book and page containing such record or to the microphotograph number in the general or numerical indexes under the notation that such mortgage has been assigned or satisfied.

58-2309a. Entry of satisfaction of mortgage; duties and liability of mortgagee or assignee of mortgage; entry of satisfaction of mortgage by lender or closing agent, when.
(a) When the indebtedness secured by a recorded mortgage is paid and there is no agreement for the making of future advances to be secured by the mortgage, the mortgagee or the mortgagee's assignee shall enter satisfaction or cause satisfaction of such mortgage to be entered of record forthwith, paying the required fee. In the event the mortgagee or the mortgagee's assignee fails to enter satisfaction or cause satisfaction of such mortgage to be entered within 20 days after written demand by certified or registered mail, the lender or a designated closing agent acting as a closing agent in the sale, financing or refinancing of the real estate subject to such mortgage, who upon reliance of written payoff information provided by the mortgagee, and which payoff information shall be deemed as the correct and full amount due and owing under such mortgage, has caused the indebtedness to be paid in full may cause satisfaction of the mortgage to be entered. If in fact the mortgagee or mortgagee's assignee was not paid in accordance with the aforesaid payoff information when the mortgage was released the lender or the closing agent in the sale, financing or refinancing of the real estate subject to such mortgage who signed the false release shall be liable in damages to the mortgagee or mortgagee's assignee for the entire indebtedness together with interest thereon, attorney fees, and any additional damages that the mortgagee or mortgagee's assignee has incurred. Upon recording of such satisfaction by the lender or closing agent in the sale, financing or refinancing of the real estate subject to such mortgage, who has caused the indebtedness to be paid in full, such mortgage shall be deemed fully released as if discharged by the mortgagee or mortgagee's assignee.

(b) When a mortgage is recorded covering real estate in which the mortgagor has no interest, the mortgagee or the mortgagee's assignee shall enter satisfaction or cause satisfaction of such mortgage to be entered of record, paying the required fee without charge to the mortgagor or the mortgagor's assigns.

(c) A mortgagor, a mortgagor's heirs or assigns or anyone acting for such mortgagor, heirs or assigns, or the owner of real estate upon which a mortgage has been recorded by someone having no interest in the real estate, may make demand upon a mortgagee or assignee of a mortgagee for the entering of satisfaction of the mortgage, as provided for in subsections (a) and (b).

(d) Any mortgagee or assignee of a mortgagee who refuses or neglects to enter satisfaction of such mortgage within 20 days after demand has been made as provided in subsection (c) shall be liable in damages to the person for whom the demand was made in the sum of $500, together with a reasonable attorney's fee for preparing and prosecuting the action. The plaintiff in such action may recover any additional damages that the evidence in the case warrants. Civil actions may be brought under this act before any court of competent jurisdiction, and attachments may be had as in other cases.

(e) The mortgagee or assignee of a mortgagee entering satisfaction or causing to be entered satisfaction of a mortgage under the provisions of subsection (a) shall furnish to the office of the register of deeds the full name and last known post office address of the mortgagor or the mortgagor's assignee. The register of deeds shall forward such information to the county clerk who shall make any necessary changes in address records for mailing tax statements.

58-2318. Execution of assignments and releases of mortgages by corporations. All assignments and releases of mortgages by a corporation shall be valid when executed by the president, vice-president, secretary, cashier, treasurer or any other officer of such corporation so authorized by corporate resolution. Any assignment or release of a mortgage by a corporation which was executed on or after March 8, 1974, and prior to the effective date of this act, by one of the corporate officers designated herein, with or without attestation by the corporate seal, is hereby declared to be a legal and valid act of such corporation.

Partial Release of Property From Mortgage by Individual Holder

Kansas Law

Execution of Assignment or Satisfaction: Must be signed by the mortgagee.

Assignment: An assignment must be in writing and recorded.

Marginal Satisfaction: Not allowed- satisfaction must be by separate instrument.

Acknowledgment: An assignment or satisfaction must contain a proper Kansas acknowledgment, or other acknowledgment approved by statute.

Kansas Statutes

58-2306. Discharge or assignment of recorded mortgage; procedure.

Kansas Partial Release of Property From Mortgage by Individual Holder

Overview of this form

What’s included in this form

Related forms

When to use this document

Intended users of this form

Completing this form step by step

Is notarization required?

Get your form ready online

Common mistakes to avoid

Benefits of completing this form online

Quick recap

Looking for another form?

Viewed forms

Form popularity

FAQ

What is a mortgage release document?

What type of loan usually has a partial release clause?

Which situation would require a partial release?

How do I release my mortgage property?

How does a partial release of mortgage work?

How long does it take to get a partial mortgage release?

How long does it take to get a mortgage release?

Explore more forms

Trusted and secure by over 3 million people of the world’s leading companies

Kansas Partial Release of Property From Mortgage by Individual Holder

Overview of this form

What’s included in this form

Related forms

When to use this document

Intended users of this form

Completing this form step by step

Is notarization required?

Get your form ready online

Common mistakes to avoid

Benefits of completing this form online

Quick recap

Looking for another form?

Viewed forms

Form popularity

FAQ

What is a mortgage release document?

What type of loan usually has a partial release clause?

Which situation would require a partial release?

How do I release my mortgage property?

How does a partial release of mortgage work?

How long does it take to get a partial mortgage release?

How long does it take to get a mortgage release?

Kansas Partial Release of Property From Mortgage by Individual Holder Related Searches

Explore more forms

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