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Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender

Collin Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Texas

County:

Collin

Control #:

TX-S123

Format:

Instant download

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Description

This Release - Satisfaction - Cancellation Deed of Trust - by Corporate Lender is for the satisfaction or release of a mortgage for the state of Texas by a Corporation. This form complies with all state statutory laws and requires signing in front of a notary public. The described real estate is therefore released from the mortgage.

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How to fill out Texas Satisfaction Of Deed Of Trust - Mortgage - By Corporate Lender?

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FAQ

A corporation assignment of deed of trust mortgage involves the transfer of rights and obligations from one corporate lender to another. In Collin Texas, this type of assignment is crucial for maintaining proper legal documentation and ensuring that the new lender can enforce the original terms. If you need guidance on this process, our platform offers resources to help streamline your corporate assignments.

A deed of trust satisfaction is a legal document confirming that a borrower has repaid their mortgage in full. This document is crucial because it releases the lien that the lender had on the property. Once issued, it reflects the completion of the Collin Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender.

A deed may be deemed void in Texas if it lacks essential elements such as proper signatures or if it does not comply with state laws. Other factors, like fraud or mistake, can also render a deed invalid. To ensure the legality of your property transactions, consider leveraging U.S. Legal Forms for reliable documentation related to your Collin Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender.

Deed restrictions in Texas are legally enforceable if they are clearly defined and recorded within the property deed. These restrictions must serve a reasonable purpose, such as maintaining property values or aesthetic standards within a neighborhood. If enforced, they can govern how a property owner uses their land. It's essential to understand these regulations when navigating the Collin Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender.

To establish a deed of trust lien in Texas, you need a written agreement between the borrower and the lender. This document must include essential elements such as the property description and the amount borrowed. Additionally, it must be signed by the borrower and should be recorded in the county’s real property records. Secure your Collin Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender to ensure protection of your interest in the property.

Releasing a deed of trust generally requires obtaining a release document, which the lender must sign to indicate that the debt has been satisfied. This release should then be filed with the county clerk's office in Collin Texas to publicly document the closure of the mortgage obligation. Ensuring this is done protects the borrower's credit future.

Filing a deed of trust in Texas involves several steps. First, prepare the deed of trust document with the required information, then sign it before a notary public. Finally, file the deed of trust with the county clerk's office in Collin County to ensure it is recorded legally.

A deed of trust may be considered invalid if it lacks essential elements, such as the signatures of all necessary parties, adequate legal descriptions, or the correct notary acknowledgment. Additionally, if it is found to violate state laws or contractual obligations, the deed of trust can also be deemed invalid. In Collin Texas, the validity of a deed of trust is crucial for ensuring proper security in a mortgage agreement.

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Satisfaction of Deed of Trust - Mortgage - by Corporate Lender

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.
Texas Law
Recording Satisfaction: There are no provisions requiring a Texas creditor to release a fully paid debt, but if creditor fails to do so within 60 days of full payoff, a representative of a title insurance company may record an affidavit which releases the lien described in the affidavit.
Acknowledgment: An assignment or satisfaction must contain a proper Texas acknowledgment, or other acknowledgment approved by Statute.
Texas Statutes
CHAPTER 12. RECORDING OF INSTRUMENTS
Sec. 12.001. INSTRUMENTS CONCERNING PROPERTY.
(a) An instrument concerning real or personal property may be recorded if it has been acknowledged, sworn to with a proper jurat, or proved according to law.
(b) An instrument conveying real property may not be recorded unless it is signed and acknowledged or sworn to by the grantor in the presence of two or more credible subscribing witnesses or acknowledged or sworn to before and certified by an officer authorized to take acknowledgements or oaths, as applicable.
(c) This section does not require the acknowledgement or swearing or prohibit the recording of a financing statement, a security agreement filed as a financing statement, or a continuation statement filed for record under the Business & Commerce Code.
(d) The failure of a notary public to attach an official seal to an acknowledgment, a jurat, or other proof taken outside this state but inside the United States or its territories renders the acknowledgment, jurat, or other proof invalid only if the jurisdiction in which the acknowledgment, jurat, or other proof is taken requires the notary public to attach the seal.
Sec. 12.009. MORTGAGE OR DEED OF TRUST MASTER FORM.
(a) A master form of a mortgage or deed of trust may be recorded in any county without acknowledgement or proof. The master form must contain on its face the designation: "Master form recorded by (name of person causing the recording)."
(b) The county clerk shall index a master form under the name of the person causing the recording and indicate in the index and records that the document is a master mortgage.
(c) The parties to an instrument may incorporate by reference a provision of a recorded master form with the same effect as if the provision were set out in full in the instrument. The reference must state:
(1) that the master form is recorded in the county in which the instrument is offered for record;
(2) the numbers of the book or volume and first page of the records in which the master form is recorded; and
(3) a definite identification of each provision being incorporated.
(d) If a mortgage or deed of trust incorporates by reference a provision of a master form, the mortgagee shall give the mortgagor a copy of the master form at the time the instrument is executed. A statement in the mortgage or deed of trust or in a separate instrument signed by the mortgagor that the mortgagor received a copy of the master form is conclusive evidence of its receipt. On written request the mortgagee shall give a copy of the master form without charge to the mortgagor, the mortgagor's successors in interest, or the mortgagor's or a successor's agent.
(e) The provisions of the Uniform Commercial Code prevail over this section.
12.017. TITLE INSURANCE COMPANY AFFIDAVIT AS RELEASE OF LIEN; CIVIL PENALTY.
(a) In this section:
(1) "Mortgage" means a deed of trust or other contract lien on an interest in real property.
(2) "Mortgagee" means:
(A) the grantee of a mortgage;
(B) if a mortgage has been assigned of record, the last person to whom the mortgage has been assigned of record; or
(C) if a mortgage is serviced by a mortgage servicer, the mortgage servicer.
(3) "Mortgage servicer" means the last person to whom a mortgagor has been instructed by a mortgagee to send payments for the loan secured by a mortgage. A person transmitting a payoff statement is considered the mortgage servicer for the mortgage described in the payoff statement.
(4) "Mortgagor" means the grantor of a mortgage.
(5) "Payoff statement" means a statement of the amount of:
(A) the unpaid balance of a loan secured by a mortgage, including principal, interest, and other charges properly assessed under the loan documentation of the mortgage; and
(B) interest on a per diem basis for the unpaid balance.
(6) "Title insurance company" means a corporation or other business entity authorized to engage in the business of insuring titles to interests in real property in this state.
(7) "Authorized title insurance agent," with respect to an Affidavit as Release of Lien under this section, means a person licensed as a title insurance agent under Chapter 2651, Insurance Code, and authorized in writing by a title insurance company by instrument recorded in the real property records in the county in which the property to which the affidavit relates is located to execute one or more Affidavits as Release of Lien in compliance with this section, subject to any terms, limitations, and conditions that are set forth in the instrument executed by the title insurance company.
(b) This section applies only to a mortgage on:
(1) property consisting exclusively of a one-to-four-family residence, including a residential unit in a condominium regime; or 
 
(2) property other than property described by Subdivision (1), if the original face amount of the indebtedness secured by the mortgage on the property is less than $1.5 million. 
 
(c) An authorized officer of a title insurance company or an authorized title insurance agent may, on behalf of the mortgagor or a transferee of the mortgagor who acquired title to the property described in the mortgage, execute an affidavit that complies with the requirements of this section and record the affidavit in the real property records of each county in which the mortgage was recorded. 
 
(d) An affidavit executed under Subsection (c) must be in substantially the following form: 
 
AFFIDAVIT AS RELEASE OF LIEN 
 
Before me, the undersigned authority, on this day personally appeared (insert name of affiant) (“Affiant”) who, being first duly sworn, upon his/her oath states: 
 
1. My name is (insert name of Affiant), and I am an authorized officer of (insert name of title insurance company or authorized title insurance agent) (“Title Company”). 
 
2. This affidavit is made on behalf of the mortgagor or a transferee of the mortgagor who acquired title to the property described in the following mortgage: 
 
(describe mortgage, the name of the mortgagor, and the property described in the mortgage) 
 
3. (Insert name of Mortgagee) (“Mortgagee”) provided a payoff statement with respect to the loan secured by the mortgage. 
 
4. Affiant has ascertained that Title Company delivered to Mortgagee payment of the loan secured by the mortgage in the amount and time and to the location required by the payoff statement. 
 
5. The mortgage relates to: 
 
(A) property consisting exclusively of a one-to-four-family residence, which may include a residential unit in a condominium regime; or 
 
(B) property, other than property described by Paragraph (A) above, for which the original face amount of the indebtedness secured by the mortgage on the property is less than $1.5 million. 
 
6. Pursuant to Section 12.017, Texas Property Code, this affidavit constitutes a full and final release of the mortgage from the property. 
 
Signed this___ day of ___________, ____. 
 
__________________________________________ (signature of affiant) 
 
State of ______________ 
 
County of _____________ 
 
Sworn to and subscribed to before me on __________ (date) by ____________ (insert name of affiant). 
 
_________________________________ (signature of notarial officer) 
 
(Seal, if any, of notary) __________ 
 
___________________________________________________ (printed name) 
 
My commission expires: 
 
______________________ 
 
(e) An affidavit filed under Subsection (c) or (f) must include the names of the mortgagor and the mortgagee, the date of the mortgage, and the volume and page or clerk’s file number of the real property records where the mortgage is recorded, together with similar information for a recorded assignment of the mortgage. 
 
(f) On or after the date of the payment to which the affidavit relates, the title insurance company or authorized title insurance agent must notify the mortgagee at the location to which the payment is sent that the title insurance company or authorized title insurance agent may file for record at any time the affidavit as a release of lien. If notice required by this section is not provided to the mortgagee, the title insurance company or authorized title insurance agent may not file for record the affidavit as a release of lien. The mortgagee may file a separate affidavit describing the mortgage and property and controverting the affidavit by the title insurance company or authorized title insurance agent as a release of lien on or before the 45th day after the date the mortgagee receives the notice if the mortgagee mails a copy of the mortgagee’s affidavit to the title insurance company or authorized title insurance agent within that 45-day period. 
 
(g) An affidavit under Subsection (c) operates as a release of the mortgage described in the affidavit if the affidavit, as provided by this section: 
 
(1) is executed; 
 
(2) is recorded; and 
 
(3) is not controverted by a separate affidavit by the mortgagee in accordance with the requirements of Subsection (f). 
 
(h) The county clerk shall index an affidavit filed under this section in the names of the original mortgagee and the last assignee of the mortgage appearing of record as the grantors and in the name of the mortgagor as grantee. 
 
(i) A person who knowingly causes an affidavit with false information to be executed and recorded under this section is liable for the penalties for filing a false affidavit, including the penalties for commission of offenses under Section 37.02 of the Penal Code. The attorney general may sue to collect the penalty. A person who negligently causes an affidavit with false information to be executed and recorded under this section is liable to a party injured by the affidavit for actual damages. If the attorney general or an injured party bringing suit substantially prevails in an action under this subsection, the court may award reasonable attorney’s fees and court costs to the prevailing party. 
 
(j) A title insurance company or authorized title insurance agent that, at any time after payment of the mortgage, files for record an affidavit executed under Subsection (c) may use any recording fee collected for the recording of a release of the mortgage for the purpose of filing the affidavit. 
 
(k) This section does not affect any agreement or obligation of a mortgagee to execute and deliver a release of mortgage.

Satisfaction of Deed of Trust - Mortgage - by Corporate Lender

Collin Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender

Description

Related forms

Viewed forms

How to fill out Texas Satisfaction Of Deed Of Trust - Mortgage - By Corporate Lender?

Form popularity

FAQ

What is a corporation assignment of deed of trust mortgage?

What is a deed of trust satisfaction?

What makes a deed void in Texas?

How enforceable are deed restrictions in Texas?

What is required for a deed of trust lien in Texas?

How do you release a deed of trust?

How to file a deed of trust in Texas?

What makes a deed of trust invalid?

Interesting Questions

What is a Deed of Trust?

Who is the Corporate Lender423826 in the Deed of Trust?

What does Collin Satisfaction mean in the Deed of Trust?

What obligations does the borrower have under the Deed of Trust?

Can the lender sell the mortgage to another party?

What happens if the borrower fails to make mortgage payments?

Trusted and secure by over 3 million people of the world’s leading companies

Collin Texas Satisfaction of Deed of Trust - Mortgage - by Corporate Lender

Description

Related forms

Viewed forms

How to fill out Texas Satisfaction Of Deed Of Trust - Mortgage - By Corporate Lender?

Form popularity

FAQ

What is a corporation assignment of deed of trust mortgage?

What is a deed of trust satisfaction?

What makes a deed void in Texas?

How enforceable are deed restrictions in Texas?

What is required for a deed of trust lien in Texas?

How do you release a deed of trust?

How to file a deed of trust in Texas?

What makes a deed of trust invalid?