A Mississippi Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter is a legal document that allows a property owner, commonly known as the granter, to release a portion of their mortgage or deed of trust on a specific mineral or royalty interest they have sold separately. This partial release can be requested when the granter wants to sell a specific portion of their mineral or royalty interest, while still maintaining a mortgage or deed of trust on the remaining portion. This type of document is often used in Mississippi, where mineral and royalty interests can have significant value. By executing a partial release, the granter can sell a portion of their interests to a buyer, often referred to as the released, while securing their remaining interests with the mortgage or deed of trust. The Mississippi Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter typically includes the following key details: 1. Granter and Released Information: The document identifies the granter and released, including their full names and addresses. It is crucial to provide accurate information to ensure the document's validity. 2. Property Description: The legal description of the property where the mineral or royalty interest is located is outlined in detail. This ensures there is no confusion regarding the exact property affected by the partial release. 3. Partial Release Details: The document clearly specifies the scope of the partial release. It includes details such as the specific percentage or fraction of the mineral or royalty interest being released, and any monetary consideration exchanged between the granter and the released. 4. Mortgage/Deed of Trust Details: The partial release will reference the original mortgage or deed of trust that the granter holds on the property. It may mention mortgage or deed of trust specifics, such as the loan amount, interest rate, and repayment terms originally agreed upon. 5. Legal Considerations: The document should state that the partial release is being executed voluntarily by the granter, without any duress or coercion. It may also address any potential legal requirements, such as obtaining consent from a lender or other relevant parties. Different types or variations of a Mississippi Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter may arise depending on the unique circumstances of each transaction. However, the essential elements of the document typically remain consistent. It is advisable for both the granter and released to consult with an experienced real estate attorney to ensure compliance with Mississippi laws and to accurately create and execute a legally binding Mississippi Partial Release of Mortgage/Deed of Trust on a Mineral/Royalty Interest Sold by Granter.
Mississippi Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor
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FAQ
A Mississippi deed of trust is a document by which an owner's property title transfers to a neutral party (trustee) to serve as security for a real estate loan granted by a lender (beneficiary). The trustee holds onto the property title until the land owner (borrower) pays back the loan in full to the lender.
Essential Elements of a Valid Deed Use of the proper statutory form of deed. Competent parties: grantor and grantee. Words of grant or operative words of conveyance. Sufficient description of the property to be conveyed. Proper execution. Delivery and acceptance.
A deed of trust is a legal agreement that's similar to a mortgage, which is used in real estate transactions. Whereas a mortgage only involves the lender and a borrower, a deed of trust adds a neutral third party that holds rights to the real estate until the loan is paid or the borrower defaults.
A deed transfers the title of an asset to a new owner, and it is usually recorded in the local county clerk's office. Recording is a way to protect title and ownership because it puts the public on constructive notice as to the buyer's ownership.
Premises Clause. Also known as the granting clause, is the only legally necessary clause required in a deed. ... Habendum Clause. Specifies the legal rights being given. Reddendum Clause. ... Warrants in deeds. ... General Warranty Deed. ... Warrant of Seisin. ... Warrant of quiet enjoyment. ... Warranty Forever.
This Deed of Trust (the ?Trust Deed?) sets out the terms and conditions upon which: [Settlor Name] (the ?Settlor?), of [Settlor Address], settles that property set out in Schedule A (the ?Property?) upon [Trustee Name] (the ?Trustee?), being a Company duly registered under the laws of [state] with registered number [ ...
Quit Claim Deed Form General Warranty Deed Form. Updated August 23, 2023. A Mississippi deed is a legal form used to convey or transfer real estate in Mississippi. The person selling the land is called the ?grantor? and the person buying the land is called the ?grantee?.
A deed must identify the current owner, new owner, and any other parties to the deed. The parties must be identified by name, mailing address, and telephone number. The identifying information must be on the first page below the 3-inch top margin. Property description or indexing information.
