Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A New Jersey Partial Release or Satisfaction of Mortgage by a Corporation refers to a legal document that releases a portion of the property from the encumbrance of a mortgage held by a corporation. This type of release is commonly utilized in situations where the property securing the mortgage has undergone subdivision or when certain portions of the property are sold or refinanced. When a corporation holds a mortgage on a property, it typically means that the property owner has borrowed money from the corporation and used the property as collateral. As the loan is repaid, either in full or in part, the corporation may release its claim on certain portions of the property through a partial release or satisfaction of mortgage. Keywords: 1. New Jersey: Refers to the specific state where the partial release or satisfaction of mortgage is taking place, indicating the regional jurisdiction. 2. Partial Release: Highlights that only a portion of the property is being released from the mortgage. This is in contrast to a full release, which signifies the complete discharge of the mortgage lien. 3. Satisfaction of Mortgage: Indicates the process of fulfilling the mortgage obligation either in part or in full, resulting in the release of the lender's claim on the property. 4. Corporation: Denotes that the mortgage holder is a legal entity registered as a corporation, rather than an individual or other type of entity. Types of New Jersey Partial Release or Satisfaction of Mortgage by a Corporation: 1. Subdivision Partial Release: This type of release occurs when the property securing the mortgage has been divided into separate parcels or lots. As individual lots are sold, the corporation releases its mortgage claim on those specific lots, allowing the new owners to obtain financing or transfer ownership without the encumbrance of the mortgage. 2. Partial Release for Refinancing: In cases where the property owner seeks to refinance the mortgage on a portion of the property, the corporation may agree to release its mortgage claim on that specific portion. This enables the property owner to obtain a new loan on the released portion while keeping the existing mortgage on the remaining area. 3. Partial Release for Sale: When the property owner intends to sell a portion of the mortgaged property, the corporation may agree to release its claim on that specific portion. This allows for the transfer of ownership and enables the new buyer to secure financing without being encumbered by the corporation's mortgage. In conclusion, a New Jersey Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that serves to release a portion of a property from a corporation's mortgage claim. It allows for the efficient management of real estate transactions involving subdivided properties, refinancing of specific portions, or the sale of individual parcels.
