Illinois Partial Release of Deed of Trust

• Category: Releases and Waivers - Real Estate
• State: Multi-State
• Control #: US-61437
• Format: Word; Rich Text

Description

This form is a partial release. A bank releases from a certain deed of trust a particular piece of property described in the document. However, the form provides as to all other property covered by the deed of trust, the lien remains in full effect. Illinois Partial Release of Deed of Trust is a legal document that allows a borrower to release a portion of their property from the lien created by a Deed of Trust. This partial release occurs when a borrower has paid off a portion of their mortgage and wishes to release a specific portion of the property from the lien. In Illinois, there are two main types of Partial Release of Deed of Trust: 1. Partial Release by Legal Description: This type of partial release involves releasing a specific portion of the property based on its legal description. The legal description typically includes details such as metes and bounds, lot numbers, and section and township information. By providing an accurate legal description, the borrower can specify the exact portion of the property they wish to release from the lien. 2. Partial Release by Dollar Amount: This type of partial release is based on the amount of money paid towards the mortgage. Here, the borrower specifies the dollar amount they have paid off, and the lender releases the corresponding portion of the property. For example, if the borrower has paid off $50,000 of their mortgage, the lender will release a portion of the property that is equivalent to the value of $50,000. It is essential to note that the Illinois Partial Release of Deed of Trust is typically executed by the lender and recorded with the county where the property is located. This recording ensures that the release is officially documented, protecting both the borrower and the lender's rights. Keywords: Illinois, Partial Release of Deed of Trust, legal document, borrower, lien, mortgage, legal description, metes and bounds, lot numbers, section and township, dollar amount, lender, county, recorded.

Illinois Partial Release of Deed of Trust is a legal document that allows a borrower to release a portion of their property from the lien created by a Deed of Trust. This partial release occurs when a borrower has paid off a portion of their mortgage and wishes to release a specific portion of the property from the lien. In Illinois, there are two main types of Partial Release of Deed of Trust: 1. Partial Release by Legal Description: This type of partial release involves releasing a specific portion of the property based on its legal description. The legal description typically includes details such as metes and bounds, lot numbers, and section and township information. By providing an accurate legal description, the borrower can specify the exact portion of the property they wish to release from the lien. 2. Partial Release by Dollar Amount: This type of partial release is based on the amount of money paid towards the mortgage. Here, the borrower specifies the dollar amount they have paid off, and the lender releases the corresponding portion of the property. For example, if the borrower has paid off $50,000 of their mortgage, the lender will release a portion of the property that is equivalent to the value of $50,000. It is essential to note that the Illinois Partial Release of Deed of Trust is typically executed by the lender and recorded with the county where the property is located. This recording ensures that the release is officially documented, protecting both the borrower and the lender's rights. Keywords: Illinois, Partial Release of Deed of Trust, legal document, borrower, lien, mortgage, legal description, metes and bounds, lot numbers, section and township, dollar amount, lender, county, recorded.