Most states have statutes that provide that a mortgage or deed of trust may be discharged 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. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.
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.
Keywords: Arizona, Satisfaction of Mortgage, Corporation, types Detailed Description: Arizona Satisfaction of Mortgage by a Corporation is a legal document that signifies the complete payment of a mortgage loan by a corporate entity or corporation in the state of Arizona. When a corporation borrows funds to purchase real estate or property, a mortgage is typically recorded against the property as security for the loan. Once the loan is fully repaid, the corporation must file a Satisfaction of Mortgage to release the lien on the property. The Arizona Satisfaction of Mortgage by a Corporation involves several key details. Firstly, it identifies the involved parties, including the corporation as the mortgagor and the lender as the mortgagee. The document also provides the property details, such as its legal description and county where it is located. Additionally, it mentions the recording details of the original mortgage, such as the date of recording, recording number, and the county recorder's office. It is important to note that there are different types of Satisfaction of Mortgage by a Corporation in Arizona, depending on the circumstances and purposes. Some common types include: 1. Full Satisfaction of Mortgage: This type is used when the corporation has fully paid off the mortgage loan, and there are no remaining outstanding balances. It signifies that the mortgage debt has been fully satisfied, and the lien on the property is released. 2. Partial Satisfaction of Mortgage: This type is utilized when the corporation has made partial payments towards the mortgage loan, reducing the outstanding balance. It allows the corporation to release a portion of the property from the mortgage lien, typically reflecting the amount paid. 3. Subordination Agreement: While not strictly a "Satisfaction of Mortgage," a subordination agreement involves a corporation willingly allowing another creditor to take priority over their existing mortgage. This is often done to secure additional financing or to rearrange priorities in loan repayment. Regardless of the type of Satisfaction of Mortgage by a Corporation, the document must be carefully prepared, signed, notarized, and recorded with the appropriate county recorder's office in Arizona. Filing this document promptly is crucial to remove the mortgage lien from the property's title, ensuring clear ownership and preventing complications in future property transactions.
