This form is an Authority to Release. The county clerk is authorized and requested to release from a deed of trust a parcel of land to the executor of the estate. The form must be signed in the presence of a notary public.
The Utah Authority to Release of Deed of Trust is a legal document that allows for the release of a deed of trust, effectively transferring the title of a property from a lender to the borrower. This document is crucial in the context of mortgage loans in Utah and plays a significant role in giving borrowers their rightful ownership of the property. Several types of authority to release of deed of trust exist in Utah, each serving a specific purpose and accommodating various circumstances: 1. Full Release: A full release is the most common type of authority to release of deed of trust in Utah. It indicates that the mortgage loan has been paid in full, and the lender acknowledges that the borrower has fulfilled all financial obligations. Once a full release is granted, the borrower becomes the rightful owner of the property, and the lender no longer possesses any claim or lien against it. 2. Partial Release: In some cases, the borrower and lender may agree to release a portion of the property from the deed of trust. This type of release typically occurs when a property is used as collateral for multiple loans or when a portion of the property is being sold or developed separately. The partial release allows the borrower to retain ownership of the remaining property while releasing the specified portion from the original deed of trust. 3. Substitution of Trustee: A substitution of trustee occurs when the lender decides to replace the original trustee specified in the deed of trust. This change often happens due to the transfer or assignment of the loan to another lender or entity. The substitution of trustee document is filed with the appropriate county authority to update the information of the current trustee and ensure the accuracy of the ownership records. 4. Acknowledgment of Satisfaction: An acknowledgment of satisfaction is filed by the lender once the debt secured by the deed of trust has been fully paid, but the original deed of trust is not released. This is typically done to satisfy legal requirements and protect the borrower from any potential future claims regarding the loan. While the lien remains on record, it does not impact the borrower's ownership rights or their ability to transfer or sell the property. It is important to consult with legal professionals or title companies specializing in Utah real estate transactions to ensure that the appropriate type of authority to release of deed of trust is utilized and properly executed according to state laws and regulations. The accurate completion and recording of these documents safeguard the rights and interests of both borrowers and lenders involved in real estate transactions in Utah.
