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Texas Partial Release of Property From Deed of Trust for Corporation

Bexar Texas Partial Release of Property From Deed of Trust for Corporation

Name: Bexar Texas Partial Release of Property From Deed of Trust for Corporation
Brand: US Legal Forms

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Texas

County:

Bexar

Control #:

TX-S124

Format:

Instant download

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 a corporation.

A Bexar Texas Partial Release of Property From Deed of Trust for Corporation is a legal document that allows a corporation to release a portion of the property from a previously recorded deed of trust. This release is typically done when the corporation has paid off a portion of the loan secured by the property and wants to free up that specific portion from the lien. The process involves several key steps. First, the corporation must identify the specific portion of the property it wants to release from the deed of trust. This could be a specific lot, parcel, or any other designated area within the property boundaries. Next, the corporation must draft a partial release agreement, specifying the exact terms of the release, including the legal description of the released portion and any additional conditions. Once the agreement is drafted, it needs to be reviewed by an attorney to ensure its compliance with Bexar County and Texas laws. It may also require the involvement of a title company or a county clerk's office to finalize the release. The corporation would need to sign the agreement, and in some cases, it may also require the consent of the lender or the beneficiary of the original deed of trust. By executing a Bexar Texas Partial Release of Property From Deed of Trust for Corporation, the corporation can enjoy various benefits. It can obtain additional financing or sell the released portion of the property without any legal encumbrances. This flexibility grants corporations the opportunity to leverage their assets or capitalize on market opportunities. While there may not be specific types of partial releases within Bexar County, Texas, the documentation may vary depending on the complexities of each situation or unique property circumstances. It is crucial for corporations to work closely with legal professionals specializing in real estate and business law to ensure that the release process follows all proper procedures and is in compliance with local regulations. In summary, a Bexar Texas Partial Release of Property From Deed of Trust for Corporation is a legal tool that enables corporations to release a portion of their property from a previously recorded deed of trust. This release allows corporations greater flexibility in utilizing their assets while still maintaining the overall lien on the remaining property. It is vital for corporations to seek expert legal advice and assistance throughout the process to ensure a compliant and smooth partial release.

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FAQ

Release on a deed of trust is handled by drafting a legal document that specifies the property being released. This document is then signed by the lender and typically recorded at the local county office. The Bexar Texas Partial Release of Property From Deed of Trust for Corporation provides a clear path for companies to navigate this process efficiently, ensuring their assets remain protected.

A partial claim deed of trust in Texas refers to an agreement that allows a corporation to release part of the collateral associated with a deed of trust without fully paying off the remaining debt. This can be beneficial in instances where businesses are looking to divest assets while still retaining valuable properties. Utilizing the Bexar Texas Partial Release of Property From Deed of Trust for Corporation ensures legal compliance throughout the process.

Partially released means that a specific portion of a property has been removed from the obligations of the original deed of trust. This allows the owner, often a corporation, to sell or develop that portion independently. The concept of Bexar Texas Partial Release of Property From Deed of Trust for Corporation makes this legal process smoother for businesses looking to optimize their real estate use.

A partial release works by allowing a lender to discharge a section of property from the deed of trust, while the remainder of the property still serves as collateral. This process typically involves the execution of a deed of partial release, which must be recorded with the local authorities. By utilizing the Bexar Texas Partial Release of Property From Deed of Trust for Corporation, companies can effectively manage their real estate assets during financial transactions.

A deed of partial release is a legal document that formally releases part of a property from the lien of a deed of trust. This document is essential when a corporation wishes to maintain ownership of surrounding properties while selling a portion of their land. The Bexar Texas Partial Release of Property From Deed of Trust for Corporation allows this flexibility in managing corporate assets.

A partial release of a deed occurs when a lender agrees to release a specific portion of a property from the overall security of a deed of trust. This allows the borrower, such as a corporation, to sell or use part of their property without affecting the remaining assets. Understanding the Bexar Texas Partial Release of Property From Deed of Trust for Corporation can simplify property transactions.

Yes, a partial claim can be denied based on several factors such as lender policies or the specific conditions of the mortgage agreement. If the request fails to meet the lender's criteria or if the property does not qualify, the application for a partial release may be declined. It's crucial to thoroughly understand the parameters surrounding a Bexar Texas partial release of property from deed of trust for corporation to enhance your approval chances.

Selling a house with a partial claim is possible, but it comes with caveats. The owner may need to address the partial claim and satisfy lender requirements before transferring ownership. In Bexar Texas, understanding the implications of a partial release of property from deed of trust for corporation is key to ensuring a smooth sales process.

While a partial claim can provide flexibility, it may also lead to increased complications in your financial management. For instance, you could face challenges if the remaining property retains a higher debt-to-value ratio. Furthermore, in Bexar Texas, a partial release of property from deed of trust for corporation may not be readily accepted by all lenders, which could limit your options.

A partial release of a deed of trust allows a portion of the property secured by the trust to be released while keeping the remaining property encumbered. This process is crucial for corporations in Bexar, Texas, looking to manage their assets effectively. It enables you to sell or refinance part of the property without affecting the entire mortgage. Utilizing resources from US Legal Forms can provide you with the templates you need to handle this efficiently.

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Recording the release of the corresponding Deed of Trustee lien signifies that the lien is satisfied. " These releases are to be recorded in the deed records. Property.Missing: Bexar ‎Texas Get free access to the complete judgment in Sec. Get free access to the complete judgment in Sec. Property Identification Number 310238, City of Schertz, Bexar County, Texas. Seller covering any part of the Property have been fully released. i. Except for recorded covenants included in the Title Documents, to Seller's. Apex Junk Removal is a Junk Removal Contractor serving the La Marque, Texas area. Offenders on probation, parole or post-release supervision are expected to make monthly payments towards restitution when employed.

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Partial Release of Property From Deed of Trust for Corporation

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 rule 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 a 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

§ 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.

§ 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 PROP. 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

(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 and licensed to transact the business of insuring titles to interests in real property in this state.

(b) This section applies only to a mortgage on property consisting exclusively of a one-to-four-family residence, including a residential unit in a condominium regime.

(c) If a mortgagee fails to execute and deliver a release of mortgage to the mortgagor or the mortgagor's designated agent within 60 days after the date of receipt of payment of the mortgage by the mortgagee in accordance with a payoff statement furnished by the mortgagee or its mortgage servicer, an authorized officer of a title insurance company 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 this section must state that:

(1) the affiant is an authorized officer of a title insurance company;

(2) the affidavit is made on behalf of the mortgagor or a transferee of the mortgagor who acquired title to the property described in the mortgage;

(3) the mortgagee provided a payoff statement with respect to the loan secured by the mortgage;

(4) the affiant has ascertained that the mortgagee has received payment of the loan secured by the mortgage in accordance with the payoff statement, as evidenced by:

(A) a bank check, certified check, escrow account check from the title company or title insurance agent, or attorney trust account check that has been negotiated by the mortgagee; or

(B) another documentary evidence of the receipt of payment by the mortgagee;

(5) more than 60 days have elapsed since the date payment was received by the mortgagee;

(6) the title insurance company or its agent has given the mortgagee at least 15 days' notice in writing of its intention to execute and record an affidavit in accordance with this section, with a copy of the proposed affidavit attached to the written notice; and

(7) the mortgagee has not responded in writing to the notification, or a request for additional payment made by the mortgagee has been complied with at least 15 days before the date of the affidavit.

(e) The affidavit 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) The affiant must attach to the affidavit a photostatic copy, certified as a true copy of the original document, of:

(1) the documentary evidence that payment has been received by the mortgagee, including the mortgagee's endorsement of a negotiated check if paid by check; and

(2) the payoff statement.

(g) An affidavit that is executed and recorded as provided by this section operates as a release of the mortgage described in the affidavit.

(h) The county clerk shall index the affidavit 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 PROP. of the Penal Code, and to a party injured by the affidavit for actual damages or $5,000, whichever is greater. The attorney general may sue to collect the penalty. 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.