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.
Pennsylvania Partial Release or Satisfaction of Mortgage by a Corporation, also known as a lien release, is a legal document that acknowledges the partial repayment or full satisfaction of a mortgage loan by a corporation in the state of Pennsylvania. This document functions as proof that the corporation has fulfilled its financial obligations towards the mortgage lender and releases the specific property from the mortgage's terms and conditions. When a corporation takes out a mortgage loan to finance the purchase of a property or as collateral for a business loan, the lender places a lien on the property. This lien serves as a claim against the property until the loan is repaid in full. However, situations may arise where the corporation has made partial payments or paid off the entire loan before the scheduled maturity date. In such cases, a Partial Release or Satisfaction of Mortgage is required to release the lien on a portion or the entire property. There are two main types of Pennsylvania Partial Release or Satisfaction of Mortgage by a Corporation: 1. Partial Release of Mortgage: This type of release is applicable when a corporation has made partial payments towards a mortgage loan and wants to release a portion of the property from the mortgage lien. The release outlines the specific portion of the property that is no longer encumbered by the mortgage, allowing the corporation to use it freely for other purposes or to secure a new loan. 2. Full Satisfaction of Mortgage: This type of release is used when the corporation has completely paid off the mortgage loan, fulfilling all financial obligations with the lender. The document signifies the lender's acknowledgment of the corporation's repayment in full and releases the entire property from the mortgage lien. It is crucial to obtain this document after the final payment to establish clear ownership and free the property from any encumbrance. Both types of releases require specific information to be included. This includes details such as the corporation's name, address, and contact information, the lender's name, the original mortgage date, the property's legal description, the amount that has been repaid (partial release) or that has been paid in full (full satisfaction), and the notarization of signatures related to the release. It's vital for corporations to understand the importance of completing the Pennsylvania Partial Release or Satisfaction of Mortgage by a Corporation accurately and in a timely manner. Failure to do so may result in complications during property transactions or future loan applications. Seeking legal advice when executing these documents is advisable to ensure compliance with Pennsylvania's regulations and to protect the corporation's interests.
