Fulton Georgia Partial Release or Satisfaction of Mortgage by a Corporation

State:
Multi-State
County:
Fulton
Control #:
US-01499BG
Format:
Word; 
Rich Text
Instant download

Description

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.

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FAQ

A buyout clause or release clause refers to a clause in a contract that imposes an obligation on another organisation wishing to acquire the services of the employee under contract to pay the (usually substantial) fee of the clause to the organisation which issued the contract and currently employs the employee.

The Carrier Release Program allows senders of parcels to authorize carriers to leave parcels in a safe location protected from weather if no one is available at the location to receive it or when the addressee has filed a written order to allow a carrier to leave the parcel.

Release clauses are another aspect of mortgage loan contracts. In real estate law, they refer to a provision releasing a creditor from a portion of a collateral claim on real property. This can give the mortgagor full rights to a portion of the property after a specified period of time.

Key Takeaways. 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.

Which situation would require a partial release? A borrower who wishes to sell a property that is part of a blanket mortgage(multiple properties and one mortgage loan) would need the lender to issue a partial release on the property being sold to release the lien and give the property a clean title.

A release clause is a term that refers to a provision within a mortgage contract. The release clause allows for the freeing of all or part of a property from a claim by the creditor after a proportional amount of the mortgage has been paid.

The release clause, also known as a buyout clause is a contract provision that allows for the freeing of all, or part of a property, through a proportional or full amount of the mortgage being paid. This clause is usually seen in blanket mortgages.

Most consumer debt is made up of fully amortized loans, but partially amortized loans also exist. This is just as it sounds: The borrower pays off a portion of the debt with regular monthly payments, then makes a "balloon payment"a large lump sumon the loan maturity date.

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.

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.

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Fulton Georgia Partial Release or Satisfaction of Mortgage by a Corporation