Partial Release or Satisfaction of Mortgage by a Corporation
Definition and meaning
A Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that allows a corporation to release a portion of the mortgaged property from its lien. This document serves to acknowledge that the corporation (the Mortgagee) has received sufficient consideration in exchange for the release of specific property as outlined in the mortgage agreement. The release does not affect the lien on any remaining portion of the property.
How to complete a form
To properly complete the Partial Release or Satisfaction of Mortgage by a Corporation, follow these steps:
- Begin by filling in the name of the corporation that is releasing the mortgage.
- Specify the state where the corporation is organized and its principal office address.
- Identify the county and state where the property is located that is to be released.
- Include a detailed legal description of the property in Exhibit A.
- Provide the date of the original mortgage and the name of the mortgagor.
- Indicate the date and recording information of the mortgage.
- Complete the certification by having an authorized corporate officer sign and date the document.
Who should use this form
This form is particularly useful for corporations that have secured loans on their properties and wish to release specific parcels from the mortgage lien while retaining the lien on other properties. It is applicable to any corporation that needs to adjust its mortgage obligations without fully satisfying the mortgage.
Key components of the form
The key components of the Partial Release or Satisfaction of Mortgage by a Corporation include:
- Name of the Corporation: This identifies the entity releasing the mortgage.
- Description of the Property: A clear legal description of the property being released, which should be detailed in Exhibit A.
- Merspective Date: The original date of the mortgage agreement.
- Mortgagor Information: Details about the party who originally took the mortgage.
- Signature of Authorized Officer: Must be completed by a corporate officer to validate the document.
Form popularity
FAQ
In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.
Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.
If you are approved for the partial mortgage release, you will receive notification within two to six weeks.
Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.
A partial reconveyance is to reconvey a portion of the land subject to a deed of trust, not the loan amount.He will have to wait to pay off the full loan before the property is granted back to him.
A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.
In most cases, the lien holder (the lender in this case) should send the release to be recorded within 30-90 days. If you aren't sure what the requirements are in your area, reach out to your real estate agent, title agent, or real estate attorney for guidance.