This form authorizes the chancery clerk or the recorder of deeds to release from the deed of trust or mortgage certain property described in the document.
Illinois Deed of Trust - Release
State:
Multi-State
Control #:
US-00489
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Deed Of Trust - Release?
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FAQ
Submit lien contract stating that the lien has been paid in full; Submit a court order directing our office to issue the duplicate title without the lien or lienholder's name. Submit a court order directing the Office of the Secretary of State to issue the duplicate title without the lien or lienholder's name.
Illinois allows the use of both a deed of trust and a mortgage. Illinois is a lien-theory state.
Each Illinois county has a county recorder who receives deeds for recording and keeps the county's land records. A deed must be filed with the recorder for the county where the property is located. The county clerk serves as recorder in counties with populations under 60,000.
Through a deed of release of mortgage, also called a release of deed of trust, the lender agrees to remove the deed of trust, which is the document containing all of the mortgage's terms and conditions that is filed at the beginning of the mortgage process.
A deed of release is a legal document that removes a previous claim on an asset. It provides documentation of release from a binding agreement. A deed of release might be included when a lender transfers the title of real estate to the homeowner upon satisfaction of the mortgage.
What Is A Deed Of Trust? A deed of trust is an agreement between a home buyer and a lender at the closing of a property. The agreement states that the home buyer will repay the home loan and the mortgage lender will hold the property's legal title until the loan is paid in full.
If your circumstances change any you are no longer able to make your payments, your Trust Deed may fail and you will still be liable for your debts or even forced into bankruptcy.
Like a mortgage, a trust deed makes a piece of real property security (collateral) for a loan. If the loan is not repaid on time, the lender can foreclose on and sell the property and use the proceeds to pay off the loan. Note: A trust deed is not used to transfer property to a living trust (use a Grant Deed for that).