Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Washington Partial Release or Satisfaction of Mortgage by a Corporation is a legal process in Washington state by which a corporation releases or satisfies a portion of a mortgage on a property. This partial release or satisfaction typically occurs when a corporation has fully or partially paid off a mortgage loan secured by the property. When a corporation obtains a mortgage loan to finance a property, the mortgage is recorded as a lien on the property's title. A mortgage lien gives the lender the right to foreclose on the property if the borrower defaults on the loan. However, once the corporation has made payments that satisfy a portion of the mortgage debt, it can request a partial release or satisfaction of the mortgage. The partial release or satisfaction of the mortgage by a corporation in Washington allows the corporation to remove the lien on a specific parcel or portion of the property. This process is commonly used when the property consists of multiple parcels or sections and the corporation wants to release the lien on a specific portion while keeping the mortgage intact on the remaining portions. In Washington, there are two main types of partial releases or satisfactions of mortgage by a corporation: 1. Parcel Release: This type of partial release or satisfaction occurs when the corporation wants to release the mortgage lien on a specific parcel or section of the property while keeping the mortgage intact on the remaining parcels. It requires the corporation to provide the necessary documentation, including legal descriptions of the specific parcels, to the lender or mortgagee. Once the lender approves the request, a partial release is filed with the county recorder's office to release the lien on the designated parcel. 2. Partial Satisfaction: This type of partial release or satisfaction occurs when the corporation has partially paid off the mortgage debt and wants to release the lien corresponding to the amount paid. Upon making the required payment, the corporation must provide documentation to the lender, including the payment details and calculations. The lender then acknowledges the partial satisfaction and releases the lien on the portion of the property that corresponds to the paid-off debt. It is important for a corporation in Washington to follow the proper legal procedures when seeking a partial release or satisfaction of a mortgage. This typically involves working closely with the lender or mortgagee and providing all necessary documentation to ensure that the release or satisfaction is properly recorded and recognized by the relevant authorities. Overall, a Washington Partial Release or Satisfaction of Mortgage by a Corporation is a legal process that allows a corporation to release or satisfy a portion of a mortgage on a property, either by releasing the lien on a specific parcel or section or by partially satisfying the debt amount. Following the correct procedures and providing the necessary documentation is crucial for a corporation to successfully obtain a partial release or satisfaction of its mortgage.
