Washington Partial Release of Mortgage is a legal document used in the state of Washington that releases a portion of a mortgaged property from the existing lien. When a Washington Partial Release of Mortgage is executed, the mortgage is “partially released” from the existing lien, allowing the mortgagor to transfer ownership of a portion of the property to another party. There are two types of Washington Partial Release of Mortgage: the Partial Release of Deed of Trust and the Partial Release of Mortgage. The Partial Release of Deed of Trust is used when the mortgagee is a trust company, and the Partial Release of Mortgage is used when the mortgagee is an individual. Both documents must be recorded with the county in which the property is located in order to be valid.
Washington Partial Release of Mortgage
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How to fill out Washington Partial Release Of Mortgage?
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FAQ
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.
Partial Release Example A commercial banking lender issues a $2 million loan to a group of developers located on a residential subdivision. The developers use the funds to get a subdivision map, commence improvements (curbs, gutters, water, power, etc.) and to advertise the 100 homes.
In Washington, a Deed of Trust is the most commonly used instrument to secure a loan. Foreclosure can be done non-judicially, saving time and expense.
A partial release of a mortgage is a method of splitting up a piece of property that is currently under a mortgage lien. The request is that the bank officially remove the lien from part of the property, while retaining the lien that secures the remaining mortgage on the rest of the property.
So normally with a blanket mortgage you will have what is called a partial release clause that allows each property to be released from the blanket mortgage as sold.
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.