Who is the grantee on a security deed?

The grantee on a security deed is typically the lender or financial institution receiving the security interest in the property. This entity holds the right to enforce the terms detailed in the deed if necessary. It's essential to identify the grantee during transactions to ensure clarity in the Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder process. Utilize our services for expert guidance on this matter.

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Georgia Assignment of Security Deed from Individual Mortgage - Holder

Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Georgia

County:

Fulton

Control #:

GA-120RE

Format:

Instant download

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Description

This is an assignment of mortgage/deed of trust form where the owner of the deed of trust/mortgage conveys the owner's interest in the deed of trust/mortgage to a third party. The holder of the deed of trust/mortgage is an individual(s).

Fulton Georgia Assignment of Security Deed from Individual Mortgage — Holder: A Detailed Description In Fulton Georgia, an Assignment of Security Deed from an Individual Mortgage — Holder is a legal document that signifies the transfer of a mortgage or lien from one party to another. This transaction typically occurs when an individual who holds the mortgage sells or transfers their rights to the property to another entity, such as a bank, financial institution, or investor. The Assignment of Security Deed is a vital part of real estate transactions as it ensures that the new party acquiring the deed has the legal authority to collect any outstanding debts, fees, or interests associated with the mortgage. This document serves as proof of ownership and helps protect the rights and interests of both the mortgage holder and the property owner. When it comes to different types of Fulton Georgia Assignment of Security Deed from Individual Mortgage — Holder, several scenarios may arise. These include: 1. Assignment of Security Deed due to Loan Modification: Sometimes, when individuals face financial challenges, they may seek loan modifications to modify the terms of their existing mortgage. In such cases, an Assignment of Security Deed may be required to formally transfer the modified mortgage terms and obligations from the original lender to a new financial institution. 2. Assignment of Security Deed in Foreclosure Proceedings: In unfortunate circumstances where a borrower defaults on their mortgage payments, the lender may initiate foreclosure proceedings to recover the outstanding debt. As part of this process, an Assignment of Security Deed can be used to transfer the lien from the original lender to a trustee or another entity responsible for handling the foreclosure process. 3. Assignment of Security Deed for Investment Purposes: Investors, such as banks or private individuals, may purchase distressed mortgages or properties in Fulton Georgia. To legally acquire the rights to the mortgage, an Assignment of Security Deed is necessary to transfer the lien from the individual mortgage-holder to the investor. This allows the investor to collect payments, resolve the default, or foreclose on the property if necessary. It is crucial to note that an Assignment of Security Deed from an Individual Mortgage — Holder must adhere to Fulton Georgia's specific legal requirements. These requirements ensure that the transfer of the mortgage lien is executed correctly and protects the rights of all parties involved. In conclusion, the Fulton Georgia Assignment of Security Deed from Individual Mortgage — Holder is a crucial legal document used to transfer a mortgage lien from one party to another. It encompasses various scenarios, such as loan modifications, foreclosure proceedings, and investment purposes. Properly executing this document ensures the smooth transfer of ownership and protects the interests of the parties involved.

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How to fill out Fulton Georgia Assignment Of Security Deed From Individual Mortgage - Holder?

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FAQ

To obtain a copy of your Georgia property deed online, you can visit your local county's property records office website. Most counties in Georgia provide access to property records, including deeds, through their online platforms. Simply search for your property by entering your name or property address. For more detailed records regarding the Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder, you may explore additional resources available through uslegalforms.

The grantee on a security deed is typically the lender or financial institution receiving the security interest in the property. This entity holds the right to enforce the terms detailed in the deed if necessary. It's essential to identify the grantee during transactions to ensure clarity in the Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder process. Utilize our services for expert guidance on this matter.

To release a security deed in Georgia, you must prepare a release document and sign it in front of a notary public. This document should include details of the Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder you are releasing. Once completed, file the release with the local county clerk's office to remove the lien from the property.

Typically, a deed is prepared by the property owner, a real estate professional, or an attorney. When it comes to the Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder, having knowledge about deed requirements is essential for accurate drafting. Alternatively, you can utilize platforms like US Legal Forms, which offer templates and resources to simplify the process.

No, a deed does not have to be prepared by a lawyer in Georgia. However, for the most secure and accurate results, especially for a Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder, seeking legal guidance is wise. This help can ensure that you understand all legal obligations.

Although it is not mandatory for an attorney to prepare a deed in Georgia, it is highly recommended for complex situations. When dealing with a Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder, an attorney can help ensure compliance with all legal requirements. Consulting a legal professional can save you time and prevent errors.

In Georgia, a valid deed must contain specific elements including a legal description of the property, the names of the parties involved, and the signature of the grantor. Additionally, it is essential to follow the process for a Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder to ensure the deed complies with state laws. Always check the latest legal guidelines to avoid issues.

To change the deed on your house in Georgia, you typically need to prepare a new deed that reflects the changes, such as transferring ownership or updating names. Once you draft the new Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder, you must sign it in the presence of a notary public. Finally, file the new deed with the local county recorder's office to make it official.

Yes, you can draft a deed yourself, but it requires a good understanding of the legal requirements in Georgia. For a Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder, ensure you include all necessary details to make it valid. However, it is often beneficial to consult with a professional to avoid any mistakes that could lead to complications.

The primary difference between a mortgage and a security deed lies in the legal structure. A mortgage typically involves two parties and creates a lien on the property, while a security deed consolidates ownership and security interests. Understanding these distinctions is important, especially when engaging in a Fulton Georgia Assignment of Security Deed from Individual Mortgage - Holder, as it may influence your rights and obligations.

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Assignment of Security Deed from Individual Mortgage - Holder

Assignments Generally: Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rules is that the assignment must be in proper written format and recorded to provide notice of the assignment.

Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.

Georgia Law

Execution of Assignment or Satisfaction: Must be signed by the mortgagee.

Assignment: An assignment must be in writing and recorded.

Demand to Satisfy: Demand on behalf of the borrower is not required. Lender has 60 days to record satisfaction following payoff.

Recording Satisfaction: Whenever the indebtedness secured by any instrument is paid in full, the grantee or holder of the instrument, within 60 days of the date of the full payment, shall cause to be furnished to the clerk of the superior court of the county or counties in which the instrument is recorded a legally sufficient satisfaction or cancellation to authorize and direct the clerk or clerks to cancel the instrument of record.

Marginal Satisfaction: Not allowed. Satisfaction must be by separate instrument.

Penalty: Upon the failure of the grantee or holder to transmit properly a legally sufficient satisfaction or cancellation as provided in this Code section, the grantee or holder shall, upon written demand, be liable to the grantor for the sum of $500.00 as liquidated damages and, in addition thereto, for such additional sums for any loss caused to the grantor plus reasonable attorney's fees.

Acknowledgment: An assignment or satisfaction must contain a proper Georgia acknowledgment, or other acknowledgment approved by Statute.

Georgia Statutes

44-2-6. Recording bond for title, contracts, transfers, and assignments; priority as to subsequent deeds taken without notice from same vendor.

Every bond for title, bond to reconvey realty, contract to sell or convey realty or any interest therein, and any and all transfers or assignments of realty shall be filed and recorded in the office of the clerk of the superior court of the county where the land referred to in the instrument is located. The filing and recording shall, from the date of filing, be notice of the interest and equity of the holder of the instrument in the property described therein. The filing and recording may be made at any time; but such bond for title, bond to reconvey realty, contract to sell or convey realty or any interest therein, and any transfer or assignment of realty shall lose its priority over deeds, loan deeds, mortgages, bonds for titles, bonds to reconvey realty, contracts to sell or convey realty or any interest therein and any transfer or assignment of realty from the same vendor, obligor, transferor, or assignor which is executed subsequently but filed for record first and is taken without notice of the former instrument.

44-14-3.

(a) As used in this Code section, the term:

(1) "Account" means the loan, note, or other such agreement executed by the parties.

(2) "Finance charge" means interest and other charges agreed to by the parties.

(3) "Grantee" means heirs, devisees, executors, administrators, successors, transferees or assigns, and any servicing agent or any person or entity to whom indebtedness is paid on behalf of or by any grantor.

(4) "Grantor" means heirs, devisees, executors, administrators, successors, transferees, or assigns.

(5) "Instrument" means a deed to secure debt, a security instrument, a purchase money mortgage, a financing statement, a personalty mortgage, a loan contract, or other instrument executed in connection with any loan.

(6) "Revolving loan account" means an arrangement between a lender and a debtor for the creation of debt pursuant to an agreement secured by an instrument and under which:

(A) The lender may permit the debtor to create debt from time to time;

(B) The unpaid balances of principal of such debt and the loan finance and other appropriate charges are debited to an account;

(D) The debtor agrees to repay the debt and accrued finance charges in accordance with the written agreement with the lender; and

(E) The limitation on the maximum amount which the debtor is entitled to become indebted under said arrangement between the lender and debtor is stated on the face of the instrument, and said amount shall be deemed to be notice of the maximum amount secured by the instrument.

(b)(1) Whenever the indebtedness secured by any instrument is paid in full, the grantee or holder of the instrument, within 60 days of the date of the full payment, shall cause to be furnished to the clerk of the superior court of the county or counties in which the instrument is recorded a legally sufficient satisfaction or cancellation to authorize and direct the clerk or clerks to cancel the instrument of record. The grantee or holder shall further direct the clerk of the court to transmit to the grantor the original cancellation or satisfaction document at the grantor's last known address as shown on the records of the grantee or holder. In the case of a revolving loan account, the debt shall be considered to be "paid in full" only when the entire indebtedness including accrued finance charges has been paid and the lender or debtor has notified the other party to the agreement in writing that he wishes to terminate the agreement pursuant to its terms.

(2) Notwithstanding paragraph (1) of this subsection, if an attorney at law remits the pay-off balance of an instrument to a grantee or holder on behalf of a grantor, the grantee or holder may direct the clerk of the court to transmit to such attorney the original cancellation or satisfaction document.

(3) A grantee or holder shall be authorized to add to the pay-off amount the costs of recording a cancellation or satisfaction of an instrument.

(c) Upon the failure of the grantee or holder to transmit properly a legally sufficient satisfaction or cancellation as provided in this Code section, the grantee or holder shall, upon written demand, be liable to the grantor for the sum of $500.00 as liquidated damages and, in addition thereto, for such additional sums for any loss caused to the grantor plus reasonable attorney's fees. The grantee or holder shall not be liable to the grantor if he or she demonstrates reasonable inability to comply with subsection (b) of this Code section; and the grantee or holder shall not be liable to the grantor unless and until a written demand for the liquidated damages is made. No other provision of this Code section shall be construed so as to affect the obligation of the grantee or holder to pay the liquidated damages provided for in this subsection.

(c.1) In the event that a grantee or holder of record has failed to transmit properly a legally sufficient satisfaction or cancellation to authorize and direct the clerk or clerks to cancel the instrument of record within 60 days after a written notice mailed to such grantee or holder of record by registered or certified mail or statutory overnight delivery, return receipt requested, the clerk or clerks are authorized and directed to cancel the instrument upon recording an affidavit by an attorney who has caused the secured indebtedness to be paid in full or by an officer of a regulated or chartered financial institution whose deposits are federally insured if that financial institution has paid the secured indebtedness in full. The notice to be mailed to the grantee or holder of record shall identify the indebtedness and include a recital or explanation of this subsection. The affidavit shall include a recital of actions taken to comply with this subsection. Such affidavit shall include as attachments the following items:

(1) A written verification which was given at the time of payment by the grantee or holder of record of the amount necessary to pay off such loan; and

(2)

(A) Copies of the front and back of a canceled check to the grantee or holder of record paying off such loan.

(B) Confirmation of a wire transfer to the grantee or holder of record paying off such loan.

Any person who files an affidavit in accordance with this subsection which affidavit is fraudulent shall be guilty of a felony and shall be punished by imprisonment for not less than one year nor more than three years or by a fine of not less than $1,000.00 nor more than $5,000.00, or both.

(d) In all cases, any servicing agent or any person or entity to whom the indebtedness is paid on behalf of any grantee shall be responsible for notifying the holder thereof upon payment in full and for securing the satisfaction or cancellation as provided in this Code section; and, upon failure to do so, the servicing agent or payee shall be subject to the same liability as provided in this Code section.

44-14-4.

Any mortgagor who has paid off his mortgage may present the paid mortgage to the clerk of the superior court of the county or counties in which the mortgage instrument is recorded, together with the order of the mortgagee or transferee directing that the mortgage be canceled. After payment of the fee authorized by law, the clerk shall index and record, in the same manner as the original mortgage instrument is recorded, the canceled and satisfied mortgage instrument or such portion thereof as bears the order of the mortgagee or transferee directing that the mortgage be canceled, together with any order of the mortgagee or transferee directing that the mortgage be canceled. The clerk shall show on the index of the cancellation and on the cancellation document the deed book and page number where the original mortgage instrument is recorded. The clerk shall record across the face of the mortgage instrument the words "satisfied" and "canceled" and the date of the entry and shall sign his name thereto officially. The clerk shall also make a notation on the record of the mortgage to indicate where the order of the cancellation is recorded.