Idaho Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-130
• Format: Word; Rich Text

Description

If an owner of a mineral or royalty interest, whose interest is subject to a mortgage/deed of trust, desires to sell or convey an interest, it is appropriate to obtain a release of that lien as to the interest conveyed. This form addresses that situation. The Idaho Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a legal document used when a granter sells a portion of their mineral or royalty interest that was previously encumbered by a mortgage or deed of trust. This partial release serves to release the specific portion of the interest that has been sold, while the remaining interest remains subject to the mortgage or deed of trust. In Idaho, there may be variations of a partial release of mortgage/deed of trust on a mineral/royalty interest sold by the granter, depending on the specific circumstances of the transaction. These variations could include: 1. Partial Release of Mortgage/Deed of Trust for a Fractional Interest: This type of partial release is used when the granter sells a fractional portion of their mineral/royalty interest. The document will specify the exact fraction or percentage being released from the mortgage or deed of trust. 2. Partial Release of Mortgage/Deed of Trust by Number of Acres: In situations where the granter sells a specific number of acres of their mineral/royalty interest, this type of partial release will be utilized. The release will specify the exact number of acres being released from the encumbrance. 3. Partial Release of Mortgage/Deed of Trust for a Set Term: In some cases, a granter may sell their mineral/royalty interest for a specific period of time rather than a permanent sale. In such instances, a partial release for a set term will be employed, releasing the encumbrance for the duration specified in the document. These various types of Idaho Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter ensure that the released portion of the interest no longer serves as collateral for the mortgage or deed of trust. The remaining interest will continue to be subject to the encumbrance until further action is taken. It is essential to consult with a legal professional or real estate attorney who has expertise in Idaho real estate laws to ensure the specific circumstances are addressed accurately in the partial release document. Proper execution and recording of the document are vital to protect the interests of both the granter and the buyer.

The Idaho Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a legal document used when a granter sells a portion of their mineral or royalty interest that was previously encumbered by a mortgage or deed of trust. This partial release serves to release the specific portion of the interest that has been sold, while the remaining interest remains subject to the mortgage or deed of trust. In Idaho, there may be variations of a partial release of mortgage/deed of trust on a mineral/royalty interest sold by the granter, depending on the specific circumstances of the transaction. These variations could include: 1. Partial Release of Mortgage/Deed of Trust for a Fractional Interest: This type of partial release is used when the granter sells a fractional portion of their mineral/royalty interest. The document will specify the exact fraction or percentage being released from the mortgage or deed of trust. 2. Partial Release of Mortgage/Deed of Trust by Number of Acres: In situations where the granter sells a specific number of acres of their mineral/royalty interest, this type of partial release will be utilized. The release will specify the exact number of acres being released from the encumbrance. 3. Partial Release of Mortgage/Deed of Trust for a Set Term: In some cases, a granter may sell their mineral/royalty interest for a specific period of time rather than a permanent sale. In such instances, a partial release for a set term will be employed, releasing the encumbrance for the duration specified in the document. These various types of Idaho Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter ensure that the released portion of the interest no longer serves as collateral for the mortgage or deed of trust. The remaining interest will continue to be subject to the encumbrance until further action is taken. It is essential to consult with a legal professional or real estate attorney who has expertise in Idaho real estate laws to ensure the specific circumstances are addressed accurately in the partial release document. Proper execution and recording of the document are vital to protect the interests of both the granter and the buyer.