This form is one of the Uniform Conveyancing Blanks developed by Minnesota Uniform Conveyancing Blanks Commission pursuant to Minnesota Code Section 507.09. These forms, which pertain to the transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien, have been approved by the Commissioner of Commerce. The form is available here in PDF format.
Minnesota Satisfaction of Mortgage by Individual - UCBC Form 20.5.1
Category:
State:
Minnesota
Control #:
MN-1095M
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Word;
PDF;
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Description
Definition and meaning
The Minnesota Satisfaction of Mortgage by Individual - UCBC Form 20.5.1 is a legal document used to acknowledge the full payment of a mortgage obligation. This form serves as proof that the mortgage has been satisfied and that the related debt has been fully paid off. It is crucial for individuals who have completed their mortgage payments to secure a clear title to their property.
How to complete a form
Completing the Minnesota Satisfaction of Mortgage involves several steps:
- Enter the date of the original mortgage agreement.
- Fill in the name of the Mortgagor and the Mortgagee, as well as the document number or book and page where it was filed.
- Sign the form in the presence of a notary public.
- Ensure all information is accurate to avoid potential legal issues.
It's important to keep a copy of this form for your records after it is executed.
Who should use this form
This form is intended for individuals who have paid off their mortgage. If you are the Mortgagor, meaning the person who originally borrowed money to purchase property, you should use this form to document the satisfaction of the mortgage. This is especially important for ensuring that you hold clear title to the property moving forward.
Key components of the form
The Minnesota Satisfaction of Mortgage includes several essential components:
- Mortgage details: This includes the original date of the mortgage, names of the parties involved, and reference details for recording.
- Signatures: The form requires the signature of the Mortgagor and acknowledgment by a notary.
- Notarial stamp or seal: This validates the authenticity of the acknowledgment.
These components ensure that the mortgage satisfaction is legally recognized.
Legal use and context
The Minnesota Satisfaction of Mortgage is legally recognized in real estate transactions. Once filed with the appropriate county office, it serves as formal documentation that the mortgage has been fully extinguished. This is vital for preventing future claims against the property and ensuring that the Mortgagor owns the property free from liens.
What to expect during notarization or witnessing
When you take the Minnesota Satisfaction of Mortgage to a notary, you can expect the following:
- The notary will review the document for completeness and accuracy.
- You will need to provide identification to confirm your identity.
- After witnessing your signature, the notary will apply their seal and sign the document.
This process ensures that the document is legally binding and ready to be filed.
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