Georgia Sample Letter regarding Notifying Client of Cancellation of Deed of Trust
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FAQ
Cancellation of sale deed refers to the revocation of the purchase and sale of property. A sale deed may be cancelled if any party involved is unsatisfied with the deal and makes a claim regarding the same in the court of law.
In Georgia, a security deed is the document that secures a loan on real estate. OCGA § 44-14-80 states that security deeds expire seven years after the maturity of the last installment date stated in the security deed.
Contrastingly, a Security Deed or mortgage only involves two parties, the borrower and the lender.
Georgia law provides that a security deed can be cancelled by the Clerk of Superior Court upon receipt of an affidavit from an attorney with specified attachments.
A deed of trust, or security deed, as it is known in some jurisdictions, is a form of mortgage. A borrower of money signs a promissory note demonstrating the debt owed to the lender. The promissory note will generally recite the purpose of the loan and indicate that it is secured by real property.
