Annotate Legal Kansas Mortgages Forms For Free

The current property owner with the right to transfer the property must sign a Kansas deed. A deed that transfers a co-owned property should include the signatures of both owners. A lawful agent or attorney who can act on the owner's behalf may sign a deed for the owner.

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.

So normally with a blanket mortgage you will have what is called a partial release clause that allows each property to be released from the blanket mortgage as sold. A package mortgage simply uses real and personal property as security.

Partial Release Example When the developers are finished, they can sell off the first lot at $40,000. However, the buyer of the lot will not pay $40,000 unless the developers would give the lot free and clear of a mortgage. The bank took out a $2 million loan, including the remaining 99 lots.

A partial release of a mortgage involves dividing a property so that part of the property no longer is connected to the obligation of the mortgage loan. Obtaining a partial release when you've paid down a substantial portion of your mortgage can allow you to sell off part of the property free and clear.

The current property owner with the right to transfer the property must sign a Kansas deed. A deed that transfers a co-owned property should include the signatures of both owners. A lawful agent or attorney who can act on the owner's behalf may sign a deed for the owner.