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The lender has a legal obligation to draft, notarize, and file a Florida Satisfaction of Mortgage. While the final payment satisfies the borrower's debt, it does not automatically clear the property title of the lien since the lien is a part of the public record.

Although many contracts are enforceable whether written or oral, contracts that involve a transfer of real estate are deemed important enough that they are required, under the Statute of Frauds, to be in writing to be enforceable.

What's The Difference Between A Loan And A Mortgage? The term ?loan? can be used to describe any financial transaction where one party receives a lump sum and agrees to pay the money back. A mortgage is a type of loan that's used to finance property. Mortgages are ?secured? loans.

A short form mortgage shall set forth the date on which it is executed, the names of the parties thereto, the amount of the indebtedness secured or to be secured thereby, the description of the real property mortgaged as security for the indebtedness, and a statement incorporating by reference the general provisions, ...

Florida Witness Requirements Deeds of Conveyance: Requires two witnesses and a notary acknowledgment. Mortgages: Do not require witnesses but must be acknowledged to be recorded.

What is a Mortgage Agreement? A Mortgage Agreement is a contract between a borrower (called the mortgagor) and the lender (called the mortgagee) where a lien is created on the property in order to secure repayment of the loan.