A North Carolina Deed of Trust — Release is an important legal document used in the state of North Carolina to formally release a deed of trust, which is a type of mortgage agreement, on a property once the loan is fully paid off. This document is crucial as it serves as evidence that the borrower has fulfilled their financial obligations, allowing them to regain clear title to their property. In North Carolina, there are two different types of Deed of Trust — Release that can be used depending on the situation: 1. Partial Release: This type of release is used when the borrower has partially paid off their loan or when a portion of the mortgaged property is to be released from the lien. For instance, if the borrower made additional payments that reduced the outstanding loan balance, they can request a partial release to remove the lien from the portion of the property whose value equals the amount paid. 2. Full Release: A full release is used when the borrower has fully repaid the loan and wants to release the entire property from the lien. It is a crucial step in the mortgage process, as it ensures that the property no longer serves as collateral for the loan and can be freely transferred or sold without any legal encumbrances. The North Carolina Deed of Trust — Release typically contains the following relevant information: — Parties involved: The document identifies the borrower (trust or), the lender (beneficiary), and the trustee who holds the deed of trust as a neutral third party. — Property description: This includes the legal description of the property, such as its address, acreage, and any relevant identifiers. — Loan details: The document specifies the original loan amount, the date of the loan, and any modifications made during its lifespan. — Release clause: The release clause states that the lender releases the lien on the property, providing the borrower has fulfilled all financial obligations stipulated in the loan agreement. — Signatures: The document requires the signatures of the borrower, lender, and trustee, certifying their agreement to release the lien. In conclusion, a North Carolina Deed of Trust — Release is a legal document used to release the lien on a property once a loan has been fully paid off or partially repaid. Whether it is a partial release or a full release, this document is essential for the borrower to regain clear title to their property, enabling them to freely transfer or sell it without any encumbrances.
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N.C. General Statutes Section 45-37(b) creates a presumption that the secured debt has been paid, and the lien of the deed of trust securing the debt expires 15 years after the maturity date of the debt as stated in the security instrument (or, as in this case, 15 years after the date of the note if the note is payable ...
A North Carolina deed of trust is a real estate transfer instrument between a lender, borrower, and a trustee whereby a property title is transferred as collateral for a loan to purchase real estate. The title is maintained by the trustee until the borrower (property owner) returns the entire loan amount to the lender.
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.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
Deeds of trust and mortgages can be satisfied with a simple instrument prepared and signed by the trustee or secured creditor and acknowledged; however, still allowing for satisfaction previously provided for in North Carolina Law, Register of Deeds no longer will have forms for satisfaction the provisions of the law ...
To look at a deed you can: Go to your Register of Deeds Office and look at the document there. Find your Register of Deeds in: Your phone book under county government. The NC Directory of State and County Officials: ... Look it up online. Many counties have their real property (land) records online. Go to the county website.
Deeds of trust and mortgages can be satisfied with a simple instrument prepared and signed by the trustee or secured creditor and acknowledged; however, still allowing for satisfaction previously provided for in North Carolina Law, Register of Deeds no longer will have forms for satisfaction the provisions of the law ...
A deed of release is a legal document that removes a previous claim on an asset. It provides documentation of release from a binding agreement. A deed of release might be included when a lender transfers the title of real estate to the homeowner upon satisfaction of the mortgage.