Massachusetts 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. Massachusetts Partial Release of Mortgage/Deed of Trust: Explained in Detail A Partial Release of Mortgage/Deed of Trust is an important legal document in Massachusetts that allows a property owner to release a portion of the property from the mortgage or deed of trust. This release is typically sought when the owner has paid off a portion of the mortgage or wants to sell a part of the property while retaining a mortgage on the remaining portion. In Massachusetts, there are two main types of Partial Release of Mortgage/Deed of Trust: 1. Partial Release of Mortgage: This type of release is used when a property owner has paid off a portion of the mortgage loan. The purpose is to remove the lien on a specific portion of the property while keeping the mortgage intact on the remaining portion. For example, if a property owner owns a 10-acre parcel with a mortgage and sells 5 acres, they can obtain a partial release of the mortgage on the sold 5 acres. This provides clear title to the buyer, free from any mortgage encumbrances, while ensuring that the original mortgage remains in effect on the remaining 5 acres. 2. Partial Release of Deed of Trust: In Massachusetts, a deed of trust is used as an alternative to a mortgage, where a trustee holds the legal title to the property until the debt is fully paid. A partial release of deed of trust is sought for similar reasons as a partial release of mortgage, i.e., when a property owner wants to release a portion of the property from the encumbrance of the deed of trust. The process of obtaining a Massachusetts Partial Release of Mortgage/Deed of Trust involves several steps. The property owner must typically provide a written request to the mortgagee or beneficiary, specifically detailing the portion of the property they wish to release. This request should include the legal description of the released portion, such as metes and bounds or reference to recorded plans. Upon receiving the request, the mortgagee or beneficiary will review it and may conduct an appraisal or survey to verify the value and boundaries of the released portion. If approved, the mortgagee or beneficiary will prepare and record the Partial Release of Mortgage/Deed of Trust with the Registry of Deeds. This document will then become a public record, evidencing the release of the specified portion. Overall, the Partial Release of Mortgage/Deed of Trust in Massachusetts is an essential tool for property owners who wish to sell a part of their property or have paid off a portion of their mortgage debt. By obtaining this release, property owners can ensure clear title for the buyer and manage their mortgage obligations effectively. Keywords: Massachusetts, Partial Release of Mortgage, Deed of Trust, property owner, mortgage loan, lien, encumbrances, legal description, metes and bounds, Registry of Deeds, clear title, appraisal, survey, beneficiary.

Massachusetts Partial Release of Mortgage/Deed of Trust: Explained in Detail A Partial Release of Mortgage/Deed of Trust is an important legal document in Massachusetts that allows a property owner to release a portion of the property from the mortgage or deed of trust. This release is typically sought when the owner has paid off a portion of the mortgage or wants to sell a part of the property while retaining a mortgage on the remaining portion. In Massachusetts, there are two main types of Partial Release of Mortgage/Deed of Trust: 1. Partial Release of Mortgage: This type of release is used when a property owner has paid off a portion of the mortgage loan. The purpose is to remove the lien on a specific portion of the property while keeping the mortgage intact on the remaining portion. For example, if a property owner owns a 10-acre parcel with a mortgage and sells 5 acres, they can obtain a partial release of the mortgage on the sold 5 acres. This provides clear title to the buyer, free from any mortgage encumbrances, while ensuring that the original mortgage remains in effect on the remaining 5 acres. 2. Partial Release of Deed of Trust: In Massachusetts, a deed of trust is used as an alternative to a mortgage, where a trustee holds the legal title to the property until the debt is fully paid. A partial release of deed of trust is sought for similar reasons as a partial release of mortgage, i.e., when a property owner wants to release a portion of the property from the encumbrance of the deed of trust. The process of obtaining a Massachusetts Partial Release of Mortgage/Deed of Trust involves several steps. The property owner must typically provide a written request to the mortgagee or beneficiary, specifically detailing the portion of the property they wish to release. This request should include the legal description of the released portion, such as metes and bounds or reference to recorded plans. Upon receiving the request, the mortgagee or beneficiary will review it and may conduct an appraisal or survey to verify the value and boundaries of the released portion. If approved, the mortgagee or beneficiary will prepare and record the Partial Release of Mortgage/Deed of Trust with the Registry of Deeds. This document will then become a public record, evidencing the release of the specified portion. Overall, the Partial Release of Mortgage/Deed of Trust in Massachusetts is an essential tool for property owners who wish to sell a part of their property or have paid off a portion of their mortgage debt. By obtaining this release, property owners can ensure clear title for the buyer and manage their mortgage obligations effectively. Keywords: Massachusetts, Partial Release of Mortgage, Deed of Trust, property owner, mortgage loan, lien, encumbrances, legal description, metes and bounds, Registry of Deeds, clear title, appraisal, survey, beneficiary.