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.
Texas 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
The lending institution's legal counsel typically creates the deed of release when the loan has been satisfied. It reports that the loan has been paid in full under the terms required. It also states that the lien has been removed and the full title has been transferred to the homeowner.
The person signing the Deed of Trust is called the Grantor. This is the person that owes the borrowed money. Also called the Borrower. This Grantor is the only person to sign the document.
A Release of Deed of Trust is a written request by the mortgage company or lender, their agent or attorney or a title insurance company to the Public Trustee. The purpose of the release is to remove all or a portion of the property from the lien created by a Deed of Trust.
Lenders in Texas customarily use a partial release of lien to discharge a deed of trust lien against some but not all of the borrower's real property. This Standard Document has integrated with important explanations and drafting and negotiating tips for both lenders and borrowers.
In Texas, the seller signs the deed over to you in front of a notary public and the deed is then filed in the county clerk's office so that the transfer of property is officially recorded. At this point, the trustee holds the physical deed, you hold equitable title and the lender holds the legal title.
A deed of trust is a security instrument, similar to a mortgage, that allows a property owner to obtain a loan from either a bank, third-party lender, or individual. The lender is called the grantee in this context and the borrower is called the grantor.
Deed of Trust The trustee (someone other than the buyer and the lender) gets the deed and technically owns the property while the loan exists. The trustee cannot sell the property unless the borrower defaults on the loan. The trustee transfers the property to the buyer when the borrower repays the loan.
The trustee holds the property deed until the borrower pays off the loan debt in full. During the repayment period, the borrower holds the property title to home while the trustee holds the legal title or deed to the property.
