Satisfaction of Mortgage by a Corporation
About this form
The Satisfaction of Mortgage by a Corporation is a legal document used to officially discharge a mortgage when it has been paid in full. This form serves to notify the appropriate county authorities that the mortgage is satisfied and allows for the removal of the mortgage from public records. Unlike other mortgage-related forms, this specific document is executed by a corporation, ensuring that the corporate mortgagee formally acknowledges the satisfaction of the mortgage obligation.
Main sections of this form
- Name and address of the corporation acting as the mortgagee.
- Details of the original mortgage, including the date and names of involved parties.
- Reference to the location in public records where the mortgage was filed.
- A certification statement declaring the mortgage has been fully paid.
- Execution by an authorized corporate officer with their title and signature.
- Notary acknowledgment section to verify the signature of the corporate officer.
Situations where this form applies
This form should be used when a corporation has paid off a mortgage and needs to formally discharge it from the public records. Instances when this may occur include the full payment of a loan or refinancing that does not require keeping the original mortgage. It is critical for the mortgagee to take this step to remove any encumbrance on the property associated with the discharged mortgage.
Who this form is for
- Corporations that hold a mortgage on a property and have completed payment.
- Real estate professionals assisting corporate clients in mortgage discharge.
- Legal representatives of corporations needing to comply with local discharge procedures.
Instructions for completing this form
- Identify the corporation's name and principal office address as the mortgagee.
- Provide details of the mortgage, including the names of the mortgagor and the recording information.
- Enter the date the mortgage was satisfied.
- Have a corporate officer sign the document, including their title.
- Complete the notary acknowledgment section to validate the document.
- Attach Exhibit A, detailing the property related to the mortgage.
Notarization requirements for this form
Notarization is required for this form to take effect. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to provide complete details of the original mortgage.
- Not having the form signed by an authorized corporate officer.
- Omitting the necessity for notarization, where applicable.
- Forgetting to attach Exhibit A that describes the mortgaged property.
Why use this form online
- Convenience of completing the form from anywhere, at any time.
- Editability to customize the form for specific requirements.
- Access to legally vetted templates drafted by licensed attorneys.
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FAQ
In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.
Key Takeaways. A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.
A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.Depending on your situation, you may be required to make a financial contribution to receive a mortgage release.
In order to clear the title to the real property owned by the mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the mortgagee fails to record a satisfaction within the set time limits, the mortgagee may be responsible for damages set out by statute.
If a lender takes longer than 90 days to record it, they can be charged up to $1,500 in penalties. So, in theory, a satisfaction should be recorded within 30-90 days of payoff regardless of what state you work in.
Step 1 Identify the parties. The appropriate parties should be documented on the Satisfaction of Mortgage. Step 2 Fill and Sign. The Satisfaction of Mortgage should be signed by the mortgagee, after it has been issued. Step 3 File and Record the Form.
When a borrower prepays their mortgage or makes the final mortgage payment, a satisfaction of mortgage document must be prepared, signed, and filed by the financial institution in ownership of the mortgage. The satisfaction of mortgage document is created by a lending institution and their legal counsel.
You may contact us at (407) 836-5115 to request a search of your Satisfaction of Mortgage. You may also utilize our web site (www.occompt.com) to see if your Satisfaction has been recorded. Your Satisfaction is recorded under the names of the borrower/mortgagor on the original loan.