This form authorizes the chancery clerk or the recorder of deeds to release from the deed of trust or mortgage certain property described in the document.
Massachusetts Deed of Trust - Release
State:
Multi-State
Control #:
US-00489
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Deed Of Trust - Release?
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FAQ
Through a deed of release of mortgage, also called a release of deed of trust, the lender agrees to remove the deed of trust, which is the document containing all of the mortgage's terms and conditions that is filed at the beginning of the mortgage process.
How long does it take to discharge a mortgage? Generally it takes between 14-21 business days to complete the discharge process. At one stage it took less time, around 10-14 business days, but these days more people are refinancing their home loan so there are more discharges taking place.
Massachusetts law identifies certain information that all deeds must contain and defines how deeds must be signed and recorded. A deed that transfers title to Massachusetts real estate must comply with the rules described below, and its formatting should be consistent with state standards and local customs.
In order to make public notification that you have paid your mortgage off, you need to bring the ?original? Discharge of Mortgage provided by the bank to the registry of deeds along with either cash or a check in the amount of $105.00. The Registry will record the Discharge and return it to you immediately.
Lenders will typically charge a set fee if you want to discharge your mortgage. This is to cover the legal and admin involved in processing this paperwork. You may also hear lenders refer to an exit, termination or settlement fee. Mortgage discharge fees are set by individual lenders and can range from $350 to $1,000.
In order to make public notification that you have paid your mortgage off, you need to bring the ?original? Discharge of Mortgage provided by the bank to the registry of deeds along with either cash or a check in the amount of $105.00. The Registry will record the Discharge and return it to you immediately.
If everything looks correct, your lender will fill out a mortgage discharge form and send it to the land title office. If your lender doesn't do this step for you, you must do it yourself. If the land titles office approves the discharge, your home loan will be removed from the title of your property.
The third type of deed used in Massachusetts, the release deed, offers the least protection to homebuyers for real estate transactions. A release deed does not guarantee anything and merely serves to transfer a title or whatever right the grantor holds to a specific property.