This form is a Release and Cancellation of Trust Agreement / Trust Indenture. All liens and encumberances created thereby are certified to be satisfied and released. Adapt to fit your circumstances.
North Carolina Release and Cancellation of Trust Agreement - Trust Indenture
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FAQ
If the loan is completely paid off (either before or at the end of the loan term), the Trustee is responsible for dissolving the Trust and transferring the legal title over to the new owner (the borrower).
Security Instrument . A written instrument creating a valid first lien on a Mortgaged Property securing a Mortgage Note, which may be any applicable form of mortgage, deed of trust, deed to secure debt or security deed, including any riders or addenda thereto.
The only way to forcibly change the ownership status is through a legal action and the resultant court order. However, if an owner chooses to be removed from the deed, it is simply a matter of preparing a new deed transferring that owner's interest in the property.
It is designed to safeguard against misunderstandings, disagreements, and people changing their minds, and as such it is not easily changed. That being said, circumstances do change, and if all parties who signed the original document give their consent then the Declaration of Trust can be amended or rewritten.
A Satisfaction of Security Instrument is a document that shows an individual has paid a deed of trust or a mortgage in full. A Security Instrument is a document that creates an interest in real property.
In North Carolina, a deed of trust or mortgage acts as a conveyance of the real estate. Upon repayment of the debt or performance of the obligation, the conveyance becomes void.
A satisfaction of mortgage is a document serving as evidence that you've paid off your mortgage in full, releasing the lien associated with the loan from your property and transferring the title to you. This document typically includes: Borrower and lender contact information. Loan and property information.
North Carolina Release Deed for Deed of Trust Information Executed by the lender, once the trustee is notified by the borrower. Signed by the lender, releasing any lien attached by the "Deed of Trust" thats assigned to the property. In general, a release is required to be recorded within 60 days of satisfaction.
N.C. Gen. § 45-36.24(b) provides that, for deeds of trust recorded after October 1, 2011, the lien of the deed of trust will automatically expire 15 years from maturity date, if the maturity date of the secured obligation is stated in the deed of trust.
It is the responsibility of the owner or noteholder to cancel the Deed of Trust in the county where it was recorded. There is NO FEE to cancel a note. The borrower can contact the Register of deeds office to verify that the loan has been marked satisfied or canceled before requesting a copy of the record.