A Utah Partial Release of Mortgage or Deed of Trust For Landowner is a legal document that allows a landowner to release a portion of their property from the mortgage or deed of trust that encumbers it. This type of release is typically sought when the landowner wishes to sell or transfer a specific portion of their land while keeping the remaining part under the existing mortgage or deed of trust. The purpose of the Partial Release is to remove the lien on the specified portion of the land, ensuring that the buyer or transferee will receive a clear title to the released portion. It is important for both the landowner and the buyer to execute this release to protect their respective interests. Keywords: Utah, Partial Release, Mortgage, Deed of Trust, Landowner, Property, Lien, Clear Title, Buyer, Transferee. Different types of Utah Partial Release of Mortgage / Deed of Trust For Landowner may include: 1. Partial Release of Mortgage: This type of release is applicable when the landowner has a mortgage in place and wishes to remove the lien on a specific portion of their property. The release allows the landowner to sell or transfer that portion with a clear title. 2. Partial Release of Deed of Trust: In cases where the landowner has utilized a deed of trust instead of a mortgage, this type of release allows for the removal of the encumbrance on a specific portion of the land. 3. Partial Release for Land Partition: This type of release is sought when multiple owners jointly hold a mortgage or deed of trust on a property, but wish to divide the land among themselves. The release allows for the separation of the mortgage or deed of trust, ensuring that each owner holds clear title to their respective portion. 4. Partial Release for Easement Purposes: In situations where the landowner wishes to grant an easement to a third party over a specific portion of their property, a partial release is necessary to remove the lien on that portion. This ensures that the easement holder has a clear and enforceable over the released area. 5. Partial Release for Development Purposes: When a landowner plans to develop a specific portion of their property while keeping the remaining portion as collateral for a mortgage or deed of trust, a partial release is required. This allows for the release of the lien on the portion designated for development, facilitating financing and construction activities. In summary, a Utah Partial Release of Mortgage or Deed of Trust for Landowner is a crucial legal document that enables the removal of a mortgage or deed of trust lien on a specific portion of a property. It ensures that the landowner can sell, transfer, partition, grant easements, or undertake development activities while maintaining the encumbrance on the remaining portion of the land.
Utah Partial Release of Mortgage / Deed of Trust For Landowner
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A deed of reconveyance, also known as a satisfaction of mortgage, is a document that proves you've paid off your mortgage. The deed of reconveyance releases the lien the mortgage lender placed on your property.
Release of security interest. "Revolving credit line" means an agreement between the borrower and a secured lender who agrees to loan the borrower money on a continuing basis so long as the outstanding principal amount owed by the borrower does not exceed a specified amount.
(A) The trustee shall execute the full reconveyance and shall record or cause it to be recorded in the office of the county recorder in which the deed of trust is recorded within 21 calendar days after receipt by the trustee of the original note, deed of trust, request for a full reconveyance, the fee that may be ...
A partial reconveyance of real property in California by a trustee under a deed of trust for use when the beneficiary (lender) agrees to release a portion of the real property from the lien of the deed of trust while the trustor's (borrower's) obligations are not yet fully satisfied.
Utah is known as a Trust Deed and Promissory Note state. There are references to a foreclosure being allowed under the law, typically in a Contract for Deed transaction but this is certainly not the standard.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
A deed of reconveyance is a legal document that indicates the transfer of a property's title from lender to borrower ? legally referred to as the trustor ? in deed of trust states. The deed of reconveyance is typically issued after the borrower has paid off their mortgage in full.
California Civil Code section 2941 (b)(1) requires the beneficiary, upon payoff, to ?execute and deliver to the trustee the original note, deed of trust, request for a full reconveyance?.? The trustee then executes and records the full reconveyance within 21 days of receipt of the documents from the beneficiary, ...
