The District of Columbia Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage/Deed of Trust is a legal document that pertains to specific situations where a release of a lien on leasehold interest is required in the District of Columbia. This release applies to a certain portion of the property that is subject to a mortgage or deed of trust. When it comes to the different types of District of Columbia Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage/Deed of Trust, there are a few variations that can occur. Here is an overview of some possible scenarios: 1. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest: This type of release allows for the removal of the lien on a portion of the leasehold interest in the property. It may occur when there is a subdivision or separation of land or an agreement to release only a specific part of the leasehold. 2. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest Due to Refinancing: In this case, the partial release is executed to eliminate the lien on a specific part of the property when the property owner refinances the mortgage or deed of trust. 3. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest in Case of Sale: If a property owner decides to sell a portion of the land subject to mortgage or deed of trust, this release comes into play. It allows the lien to be released from the leasehold interest being sold, while the lien continues to apply to the remaining part of the property. 4. Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest for Development Purposes: This type of release can occur when the owner plans to develop a specific part of the land subject to the mortgage/deed of trust. It enables the lien to be released from the leasehold interest in the section intended for development while being retained on the remaining land. These are just a few possible scenarios where a District of Columbia Partial Release of Mortgage/Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage/Deed of Trust may be required. It is essential to consult with legal professionals or relevant authorities to understand the exact requirements and processes involved in each case.
District of Columbia Partial Release of Mortgage / Deed of Trust Lien on Leasehold Interest in Part of Lands Subject to Mortgage / Deed of Trust
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(2) ?Deed of trust? means a mortgage or a deed of trust encumbering real property located in the District of Columbia as the same may be modified, amended, supplemented, or restated. (3) ?Land records? means the land records in the Office of the Recorder of Deeds of the District of Columbia.
Generally, the trustee must be an attorney, title insurance company, trust company, bank, savings and loan, credit union, or other company specifically authorized by law to serve as a trustee. Other states have no limitations.
(b)(1) Except as otherwise provided in paragraph (2) of this subsection, if (i) a deed of trust is not released as a lien on the real property described therein within a period of 12 years after the maturity date of the obligation secured by the deed of trust, or (ii) no determinable maturity date is recited in the ...
Deeds of trust are used almost exclusively. A mortgage would be enforceable but would necessitate court action to enforce. There are no restrictions in the District of Columbia as to who may act as a trustee. Trustees do not need to be DC residents and can be an entity or a person.
A legal document that creates a trust, giving a person or organization the right to manage money or property for someone else, and says how this should be done: The trust deed stated clearly what they were entitled to do with the property.
§ 55.1-317. No person may be named or act, in person or by agent or attorney, as the trustee of a deed of trust conveying property to secure the payment of money or the performance of an obligation, either individually or as one of several trustees, unless such person is a resident of the Commonwealth.
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
