Download As Word Legal Rhode Island Mortgage Satisfaction Forms For Free

Hear this out loud PauseA satisfaction of mortgage, also known as release, cancellation or discharge of mortgage, is a type of legal document that proves you paid your mortgage in full. As a result, it also certifies that the property's title is clear of any liens.

When your mortgage is paid off, a mortgage discharge should be recorded with the Registry of Deeds to clear your property's title. A discharge is a document (usually one page) issued by the lender, usually with a title such as ?Discharge of Mortgage? or ?Satisfaction of Mortgage.?

Hear this out loud PauseSample Satisfaction of Mortgage That Mortgagee hereby acknowledges full payment and satisfaction of the Mortgage, does hereby surrender the Mortgage as cancelled, releases the property from the lien of the Mortgage, and directs the Clerk of the Circuit Court in and for , to cancel the same record.

Hear this out loud PauseIf the satisfaction of mortgage isn't recorded, the property owner may have trouble when they try to refinance or sell the property. They'll have to chase down the discharge documents and get them recorded in order to clear the title. It can even cause a delay to the closing.

If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.

Hear this out loud PauseA satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.