Florida Partial Release of Mortgage / Deed of Trust

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-128
• Format: Word; Rich Text

Description

This form provides for a partial release of a mortgage/deed of trust on lands. Florida Partial Release of Mortgage / Deed of Trust A Florida Partial Release of Mortgage/Deed of Trust is a legal document that allows a borrower to release a portion of their property from the lien imposed by a mortgage or deed of trust. This release allows the borrower to sell or refinance the released portion of the property without affecting the lien on the remaining portion. In Florida, there are different types of Partial Release of Mortgage/Deed of Trust that can be utilized depending on the specific circumstances: 1. General Partial Release: This type of release is used when the borrower wants to release a specific portion of the property from the mortgage or deed of trust. It could be a single parcel, lot, or section of the property, which will be freed from the encumbrance of the mortgage. 2. Partial Release by Monetary Encumbrance Amount: This type of release is based on a specific monetary value that is being released from the original mortgage or deed of trust. It may occur when the borrower has paid off a certain portion of the mortgage and wishes to remove that corresponding amount from the lien. 3. Partial Release by Legal Description: This type of release is based on a legal description of the property rather than a monetary amount. It allows the borrower to release a specified section or parcel of the property, often to facilitate the sale or development of that particular portion. The Florida Partial Release of Mortgage/Deed of Trust must be executed by both the borrower (mortgagor) and the lender (mortgagee), and it should be properly notarized and recorded in the county where the property is located. This recording ensures that the release is publicly documented and provides notice to potential buyers or lenders that a specific portion of the property is no longer encumbered. It is important to consult a qualified real estate attorney or title company to ensure that the Partial Release of Mortgage/Deed of Trust is prepared accurately, adhering to Florida state laws and regulations. The attorney or title company will guide the borrower through the process and ensure that all necessary steps are taken to achieve a valid and enforceable release. In conclusion, a Florida Partial Release of Mortgage/Deed of Trust is a valuable tool for borrowers who wish to free a specific portion of their property from the encumbrance of a mortgage or deed of trust. Whether it is a general release, a release based on a monetary amount, or a release based on a legal description, proper execution, notarization, and recording are crucial to ensure the release is valid and enforceable.

Florida Partial Release of Mortgage / Deed of Trust A Florida Partial Release of Mortgage/Deed of Trust is a legal document that allows a borrower to release a portion of their property from the lien imposed by a mortgage or deed of trust. This release allows the borrower to sell or refinance the released portion of the property without affecting the lien on the remaining portion. In Florida, there are different types of Partial Release of Mortgage/Deed of Trust that can be utilized depending on the specific circumstances: 1. General Partial Release: This type of release is used when the borrower wants to release a specific portion of the property from the mortgage or deed of trust. It could be a single parcel, lot, or section of the property, which will be freed from the encumbrance of the mortgage. 2. Partial Release by Monetary Encumbrance Amount: This type of release is based on a specific monetary value that is being released from the original mortgage or deed of trust. It may occur when the borrower has paid off a certain portion of the mortgage and wishes to remove that corresponding amount from the lien. 3. Partial Release by Legal Description: This type of release is based on a legal description of the property rather than a monetary amount. It allows the borrower to release a specified section or parcel of the property, often to facilitate the sale or development of that particular portion. The Florida Partial Release of Mortgage/Deed of Trust must be executed by both the borrower (mortgagor) and the lender (mortgagee), and it should be properly notarized and recorded in the county where the property is located. This recording ensures that the release is publicly documented and provides notice to potential buyers or lenders that a specific portion of the property is no longer encumbered. It is important to consult a qualified real estate attorney or title company to ensure that the Partial Release of Mortgage/Deed of Trust is prepared accurately, adhering to Florida state laws and regulations. The attorney or title company will guide the borrower through the process and ensure that all necessary steps are taken to achieve a valid and enforceable release. In conclusion, a Florida Partial Release of Mortgage/Deed of Trust is a valuable tool for borrowers who wish to free a specific portion of their property from the encumbrance of a mortgage or deed of trust. Whether it is a general release, a release based on a monetary amount, or a release based on a legal description, proper execution, notarization, and recording are crucial to ensure the release is valid and enforceable.