A Virginia Release of Mortgage / Deed of Trust — Full Release is a legal document that serves to officially release a mortgage or deed of trust on a property in the state of Virginia. When a property owner pays off their mortgage or fulfills their obligations under a deed of trust, they are entitled to a release or discharge of the lien that was placed on their property as security for the loan. This release is then recorded with the appropriate county or city office to provide public notice of the property's clear title. The Virginia Release of Mortgage / Deed of Trust — Full Release typically includes important details such as the name of the property owner, the original lender or creditor, the loan or account number, the property description, and the date of release. It may also include the notary acknowledgment and the signatures of both the creditor and the property owner. The document explicitly states that the mortgage or deed of trust has been fully satisfied and discharged, effectively releasing any claim or lien on the property. In Virginia, there are different types of Release of Mortgage / Deed of Trust — Full Release that may be used depending on the specific circumstances. Some of these variations include: 1. Individual / Single-property Release: This type of release is used when a single property is being released from a mortgage or deed of trust. It is commonly used when a property owner has paid off their mortgage in full or refinanced their loan. 2. Multiple-property Release: In situations where multiple properties are held as collateral under a single mortgage or deed of trust, a multiple-property release is utilized. This allows for the release of individual properties as they are paid off or otherwise released from the loan obligation. 3. Partial Release: A partial release is applicable when only a portion of a property is being released from a mortgage or deed of trust. This could occur when a property is subdivided or when a specific portion of the property is sold or transferred. It is crucial to ensure that the Virginia Release of Mortgage / Deed of Trust — Full Release is correctly prepared and executed. Any errors or omissions may result in complications or delays when attempting to clear the property's title. Therefore, it is recommended to consult with a qualified attorney or a title professional who specializes in real estate transactions to ensure all legal requirements are met and the release is recorded accurately.
Virginia Release of Mortgage / Deed of Trust - Full Release
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No deed of trust or mortgage heretofore or hereafter given to secure the payment of money, and no lien heretofore or hereafter reserved to secure the payment of unpaid purchase money, shall be enforced after 10 years from the time when the original obligation last maturing thereby secured shall have become due and ...
After or accompanying payment in full of the obligation secured by a deed of trust or judgment lien, a settlement agent or title insurance company intending to release a deed of trust or judgment lien pursuant to this subsection shall deliver to the lien creditor by certified mail or commercial overnight delivery ...
The Virginia Mechanics Lien Release Form is used to cancel a lien that has already been filed. It's most often used to release a lien claim after a lien claimant receives payment. However, they may also be released based on settlements, legal controversies, because they expired, or more.
If a judgment has been entered against you, there are a few options available to you. These include paying the judgment, appealing the case, or filing a motion to rehear. If you fail to act, a number of other actions initiated by the Judgment Creditor may occur.
Deeds of trust are the most common instrument used in the financing of real estate purchases in Alaska, Arizona, California, Colorado, the District of Columbia, Idaho, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, North Carolina, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and West Virginia, ...
A deed of trust is a legal document that secures a real estate transaction. It only shows that a designated third party holds legal title?i.e. ownership?to your property until you've paid it off, ing to the terms of your loan.
Judgment Release Recording Upon satisfaction of a judgment, creditor must file a release of judgment (Virginia Code § 8.01-454). Creditor or their legal representative shall draft a satisfaction or complete CC-1463/Authorization for Entry of Satisfaction of Judgment and /or Release of Judgment Lien (PDF).
A judgment is enforceable for a twenty-year period from the date it is rendered. VA Code Ann. § 8.01-251(A). A creditor may prevent expiration of his judgment lien by making a motion to extend within the twenty-year period.
Upon satisfaction of a judgment, creditor must file a release of judgment (Virginia Code § 8.01-454). Creditor or their legal representative shall draft a satisfaction or complete CC-1463/Authorization for Entry of Satisfaction of Judgment and /or Release of Judgment Lien (PDF).
The certificate of satisfaction shall include the settlement agent's CRESPA registration number, issued by the Virginia State Bar or the Virginia State Corporation Commission, that was in effect at the time the settlement agent paid the obligation secured by the deed of trust or obtained written confirmation from the ...
