US Legal Forms
Kansas Partial Release of Property From Mortgage by Individual Holder

Kansas Partial Release of Property From Mortgage by Individual Holder

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Kansas

Control #:

KS-S124-Z

Format:

Instant download

Description

This form is for a holder of a deed of trust or mortgage (see title) to release a portion of the real property described as security. It asserts that the identified an referenced deed of trust or mortgage remains in full force or effect as to the remaining property.

Definition and meaning

The Kansas Partial Release of Property From Mortgage by Individual Holder is a legal document that allows a mortgage holder to release a portion of the property from the mortgage lien. This form is especially useful when a mortgagor wishes to sell part of their property while maintaining the mortgage on the remaining property. In essence, it signifies that the mortgage holder agrees to release their claim on the specific part of the property as detailed in the document.

How to complete a form

To fill out the Kansas Partial Release of Property From Mortgage by Individual Holder, follow these steps:

Begin by entering the name of the mortgage holder who is executing the release.
Indicate the original mortgage date, including the names of the mortgagor(s) and mortgagee.
Provide the recorded details of the mortgage, such as Book and page number, and Document/Instrument Number.
Attach the legal description of the property being released as Exhibit A.
Complete the execution section with the date of signing and include the mortgage holder's signature and printed name.
Have the document notarized by a licensed notary public.

Who should use this form

This form is intended for individual holders of a mortgage who wish to partially release a property from the burden of the mortgage. It is useful in various situations, such as:

When a mortgagor is selling a portion of the property.
When a property owner is refinancing or modifying their mortgage.
When formalizing the release of lien on specific property segments while main mortgage obligations remain.

Legal use and context

The Kansas Partial Release of Property From Mortgage by Individual Holder is legally binding and serves as a means of formalizing the release of a property segment from a mortgage. It is recommended to use this form in accordance with local laws and it should be recorded with the Office of the Recorder in the respective county. This ensures that the public record reflects the changes in the mortgage obligations and property ownership.

Key components of the form

The form includes several critical components:

The names of the parties involved (mortgage holder and mortgagor).
The original mortgage details including date, Book, and Document numbers.
A detailed legal description of the property being released, attached as Exhibit A.
A statement clarifying that this is a partial release.
Signature and notarization, verifying the authenticity of the document.

Common mistakes to avoid when using this form

When completing the Kansas Partial Release of Property From Mortgage by Individual Holder, be mindful of the following common pitfalls:

Failing to provide a complete and accurate legal description of the property.
Not having the document notarized, which may render it unenforceable.
Omitting necessary information about the mortgage holder or mortgagor.
Not recording the document with the appropriate county recorder.

What to expect during notarization or witnessing

During the notarization of the Kansas Partial Release of Property From Mortgage by Individual Holder, you can expect the following:

The notary will verify the identity of the signatories, ensuring they are who they claim to be.
Signatories will be required to provide a valid form of identification.
The notary will witness the signing of the document and will apply their signature and seal, confirming that the document has been properly executed.

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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

Description

Definition and meaning

How to complete a form

Who should use this form

Legal use and context

Key components of the form

Common mistakes to avoid when using this form

What to expect during notarization or witnessing

Related forms

Viewed forms

How to fill out Kansas Partial Release Of Property From Mortgage By Individual Holder?

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

Description

Definition and meaning

How to complete a form

Who should use this form

Legal use and context

Key components of the form

Common mistakes to avoid when using this form

What to expect during notarization or witnessing

Related forms

Viewed forms

How to fill out Kansas Partial Release Of Property From Mortgage By Individual Holder?

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

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