US Legal Forms
Ohio Partial Release of Property From Mortgage by Individual Holder

Ohio Partial Release of Property From Mortgage by Individual Holder

Category:

Real Estate - Mortgages and Deeds of Trust

State:

Ohio

Control #:

OH-S124-Z

Format:

Instant download

Description

This form is for a holder of a deed of trust or mortgage (see title) to release a portion of the real property described as security. It asserts that the identified and referenced deed of trust or mortgage remains in full force or effect as to the remaining property.

Definition and meaning

The Ohio Partial Release of Property From Mortgage by Individual Holder is a legal document that enables a mortgage holder to release a portion of the property from the constraints of a mortgage agreement. This occurs when a borrower has fulfilled part of their mortgage obligations for specific property while still maintaining other obligations for the remaining property covered by the mortgage.

How to complete a form

To successfully complete the Ohio Partial Release of Property From Mortgage form, follow these steps:

Fill out the date the mortgage was executed.
Input the names of the mortgagor(s) and mortgagee.
Provide the recording details, including Book number, page number, and document number.
Describe the real property being released or attach a description.
Indicate that this is a partial release and affirm that the mortgage remains in effect for the remaining property.
Sign the document in front of witnesses and a notary public.

Who should use this form

This form is essential for mortgage holders in Ohio who wish to partially release a property secured by a mortgage. It is typically used by:

Individual property owners looking to sell a portion of their property.
Borrowers who have paid off part of their mortgage obligations and want to release the corresponding portion of their real estate.
Mortgage lenders who are responding to a borrower’s request for a partial release of mortgage obligations.

Legal use and context

The Ohio Partial Release of Property From Mortgage by Individual Holder is utilized in the context of real estate transactions. It serves to clearly delineate which parts of the property remain under mortgage and which are unfettered. This document is important for ensuring clarity in property rights, especially in cases of property division, sales, or development. Understanding this form's use is critical for maintaining compliance with Ohio real estate laws.

Common mistakes to avoid when using this form

When completing the Ohio Partial Release of Property From Mortgage, be cautious of the following common mistakes:

Failing to provide an accurate description of the property being released.
Not including the complete recording information, which may hinder the enforceability of the release.
Neglecting to have the document witnessed or notarized, which is crucial for legal validation.

Commercial Contract for Contractor

View this form

Landscape Contract for Contractor

View this form

Excavator Contract for Contractor

View this form

Renovation Contract for Contractor

View this form

Concrete Mason Contract for Contractor

View this form

Asset Purchase Agreement - Business Sale

View this form

Surface Tenant's Consent for Subordination...

View this form

Motion to Bar Admission of Inflammatory an...

View this form

Verified Complaint for Replevin or Reposse...

View this form

Simple Agreement for Future Equity

View this form

Option to Purchase Addendum to Residential...

View this form

Agreement to Extend Debt Payment Terms

View this form

Waiver of Moral Rights

View this form

Bill of Sale and Assignment Pursuant to Pu...

View this form

Performance Stock Option Award Agreement o...

View this form

How to fill out Ohio Partial Release Of Property From Mortgage By Individual Holder?

When it comes to submitting Ohio Partial Release of Property From Mortgage by Individual Holder, you most likely visualize a long procedure that requires finding a appropriate form among hundreds of very similar ones and then having to pay an attorney to fill it out for you. In general, that’s a slow-moving and expensive option. Use US Legal Forms and pick out the state-specific document within clicks.

For those who have a subscription, just log in and then click Download to find the Ohio Partial Release of Property From Mortgage by Individual Holder form.

If you don’t have an account yet but need one, keep to the point-by-point guide below:

Make sure the document you’re saving is valid in your state (or the state it’s needed in).
Do so by looking at the form’s description and also by visiting the Preview function (if readily available) to see the form’s information.
Simply click Buy Now.
Pick the appropriate plan for your budget.
Subscribe to an account and choose how you would like to pay out: by PayPal or by card.
Download the file in .pdf or .docx format.
Find the record on your device or in your My Forms folder.

Professional attorneys draw up our templates to ensure after saving, you don't have to bother about modifying content outside of your personal information or your business’s info. Sign up for US Legal Forms and get your Ohio Partial Release of Property From Mortgage by Individual Holder example now.

Form popularity

FAQ

If the mortgage has been registered, then you should take an NOC from registrar's office to get the lien removed. For this both the parties, borrower and representative of the bank need to be present there. In case, the mortgage is not registered, the bank will simply return your documents.

Take possession of all the papers. Get an NOC. Get your CIBIL report updated. Get the lien withdrawn. Get an encumbrance certificate.

Which situation would require a partial release? A borrower who wishes to sell a property that is part of a blanket mortgage(multiple properties and one mortgage loan) would need the lender to issue a partial release on the property being sold to release the lien and give the property a clean title.

If you are approved for the partial mortgage release, you will receive notification within two to six weeks.

A mortgage release usually takes around 90 days to complete, but this could be shorter or longer depending upon your specific situation.

A partial release is a mortgage provision that allows some of the collateral to be released from a mortgage after the borrower pays a certain amount of the loan. Lenders require proof of payment, a survey map, appraisal, and a letter outlining the reason for the partial release.

Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor. It's frequently found in tract development construction loans.

You can remove a name from your mortgage without refinancing by informing your lender that you are taking over the mortgage, and you want a loan assumption. Under a loan assumption, you take full responsibility for the mortgage and remove the other person from the note.

Trusted and secure by over 3 million people of the world’s leading companies

Partial Release of Property From Mortgage by Individual Holder

Assignment and Satisfaction of Mortgages

Assignments Generally:

Lenders, or holders of mortgages or deeds of trust, often assign mortgages or deeds of trust to other lenders, or third parties. When this is done the assignee (person who received the assignment) steps into the place of the original lender or assignor. To effectuate an assignment, the general rule is that the assignment must be in proper written format and recorded to provide notice of the assignment.

Satisfactions Generally:

Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set by statute for failure to timely cancel the lien. Depending on your state, a satisfaction may be called a Satisfaction, Cancellation, or Reconveyance. Some states still recognize marginal satisfaction but this is slowly being phased out. A marginal satisfaction is where the holder of the mortgage physically goes to the recording office and enters a satisfaction on the face of the the recorded mortgage, which is attested by the clerk.

Ohio Law

Execution of Assignment or Satisfaction:

An assignment or satisfaction must be signed by the mortgagee or authorized representative.

Assignment:

An assignment must be in writing and recorded. Except in counties in which a separate instrument is required to assign or partially release a mortgage as described in section 5301.32 of the Revised Code, a mortgage may be assigned or partially released by the holder of the mortgage, by writing the assignment or partial release on the original mortgage or upon the margin of the record of the original mortgage and signing it. This is also allowed by separate instrument, see code sections 5301.31 and 5301.32, below.

Demand to Satisfy:

Not required.

Recording Satisfaction:

Except in a county in which the county recorder has elected to require that all satisfactions of mortgages be recorded by separate instrument as allowed under section 5301.28 of the Revised Code, when recording a mortgage, county recorders shall leave space on the margin of the record for the entry of satisfaction, and record therein the satisfaction made on the mortgage.

Marginal Satisfaction:

Marginal satisfaction is allowed, unless the specific county requires it to be recorded by separate instrument.

Penalty:

If satisfaction is not recorded within 90 days following the full satisfaction of the mortgage, then the Mortgagor may recover, in an action at law, the sum of $250, and other recoverable damages.

Acknowledgment:

An assignment or satisfaction must contain a proper Ohio acknowledgment, or other acknowledgment approved by Statute.

Ohio Statutes

§ 5301.28 Release of mortgage; assignment.

When the mortgagee of property within this state, or the party to whom the mortgage has been assigned, either by a separate instrument, or in writing on such mortgage, or on the margin of the record thereof, which assignment, if in writing on such mortgage or on the margin of the record thereof, need not be witnessed or acknowledged, receives payment of any part of the money due the holder of such mortgage, and secured by the mortgage, and enters satisfaction or a receipt therefor, either on the mortgage or its record, such satisfaction or receipt, when entered on such record, or copied thereon from the original mortgage by the county recorder, will release the mortgage to the extent of such receipt. In all cases when a mortgage has been assigned in writing on such mortgage, the recorder must copy the assignment from the original mortgage upon the margin of the record of the mortgage before such satisfaction or receipt is entered upon the record thereof.

In a county in which the county recorder has determined to use the microfilm process as provided by section 9.01 of the Revised Code, the recorder may require that all satisfactions of mortgages be made by separate instrument. The original instrument bearing the proper endorsement may be used as such separate instrument. Such separate instrument shall be recorded in the book provided by section 5301.34 of the Revised Code for the satisfactions of mortgages. The recorder shall charge the fee for such recording as provided by section 317.32 of the Revised Code for recording mortgages.

§ 5301.29 Releases of mortgages made valid.

When any release, cancellation, or satisfaction of a mortgage of real estate has been of record for more than twenty-one years in the office of the county recorder of the county in which such real estate is situated, and the record thereof shows that there is a defect in such release, cancellation, or satisfaction, such release, cancellation, or satisfaction, and the record thereof shall be cured of such defect, if such defect is due to any of the following:

(A) It purports to be signed by an agent or attorney of the mortgagee or a trustee, and no power of attorney or other evidence of authority so to release, cancel, or satisfy such mortgage is of record.

(B) It was signed by less than all of two or more executors, administrators, guardians, assignees in insolvency, or trustees.

(D) The release, cancellation, or satisfaction by a corporation is executed by officers thereof without signing the name of the corporation thereto.

[§ 5301.29.1] § 5301.291 Mortgage release, cancellation, or satisfaction.

No real estate mortgage release, cancellation, or satisfaction of record in the office of the county recorder of the county within this state in which such real estate is situated shall be deemed defective because:

(A) The executor, administrator, guardian, assignee, or trustee signed it individually instead of in his representative or official capacity.

(B) The release, cancellation, or satisfaction is by separate instrument, and the certificate of acknowledgment is not on the same sheet of paper as the release, cancellation, or satisfaction.

(C) A satisfaction was not recorded within ninety days as required by division (B) of section 5301.36 of the Revised Code.

§ 5301.31 Recording of assignment or partial release in margin of original record.

Except in counties in which a separate instrument is required to assign or partially release a mortgage as described in section 5301.32 of the Revised Code, a mortgage may be assigned or partially released by the holder of the mortgage, by writing the assignment or partial release on the original mortgage or upon the margin of the record of the original mortgage and signing it. The assignment or partial release need not be acknowledged or witnessed, but, if it is written upon the margin of the record of the original mortgage, the signing shall be attested by the county recorder. The assignment, whether it is upon the original mortgage, upon the margin of the record of the original mortgage, or by separate instrument, shall transfer not only the lien of the mortgage but also all interest in the land described in the mortgage. An assignment of a mortgage shall contain the then current mailing address of the assignee. The signature of a person on the assignment or partial release may be a facsimile of that person's signature. A facsimile of a signature on an assignment or partial release is equivalent to and constitutes the written signature of the person for all requirements regarding mortgage assignments or partial releases. For entering an assignment or partial release of a mortgage upon the margin of the record of the original mortgage or for attesting it, the recorder shall be entitled to the fee provided by section 317.32 of the Revised Code for recording the assignment and satisfaction of mortgages.

§ 5301.32 Assignment or partial release by separate instrument.

A mortgage may be assigned or partially released by a separate instrument of assignment or partial release, acknowledged and witnessed as provided by section 5301.01 of the Revised Code. The separate instrument of assignment or partial release shall be recorded in the book provided by section 5301.34 of the Revised Code for the recording of satisfactions of mortgages, and the county recorder shall be entitled to charge the fee for that recording as provided by section 317.32 of the Revised Code for recording deeds. The signature of a person on the assignment or partial release may be a facsimile of that person's signature. A facsimile of a signature on an assignment or partial release is equivalent to and constitutes the written signature of the person for all requirements regarding mortgage assignments or partial releases.

In a county in which the recorder has determined to use the microfilm process as provided by section 9.01 of the Revised Code, the recorder may require that all assignments and partial releases of mortgages be by separate instruments. The original instrument bearing the proper endorsement may be used as the separate instrument. An assignment of a mortgage shall contain the then current mailing address of the assignee.

§ 5301.34 Release of mortgage on certificate of mortgagee or assignee.

A mortgage must be discharged upon the record thereof by the county recorder when there is presented to him a certificate executed by the mortgagee or his assigns, acknowledged and witnessed as provided in section 5301.01 of the Revised Code, or when there is presented to him a deed of release executed by the governor as provided in section 5301.19 of the Revised Code, certifying that the mortgage has been fully paid and satisfied. In addition to the discharge on the records by the recorder, such certificate shall be recorded in a book kept for that purpose by the recorder. Such recorder is entitled to the fees for such recording as provided by section 317.32 of the Revised Code for recording deeds.

§ 5301.36 Entry of satisfaction.

(A) Except in a county in which the county recorder has elected to require that all satisfactions of mortgages be recorded by separate instrument as allowed under section 5301.28 of the Revised Code, when recording a mortgage, county recorders shall leave space on the margin of the record for the entry of satisfaction, and record therein the satisfaction made on the mortgage, or permit the owner of the claim secured by the mortgage to enter such satisfaction. Such record shall have the same effect as the record of a release of the mortgage.

(B) Within ninety days from the date of the satisfaction of a residential mortgage, the mortgagee shall record the fact of the satisfaction in the appropriate county recorder's office and pay any fees required for the recording. The mortgagee may, by contract with the mortgagor, recover the cost of the fees required for the recording of the satisfaction by the county recorder.

(C) If the mortgagee fails to comply with division (B) of this section, the mortgagor may recover, in a civil action, damages of two hundred fifty dollars. This division does not preclude or affect any other legal remedies that may be available to the mortgagor.

(D) As used in this section, "residential mortgage" means an obligation to pay a sum of money evidenced by a note and secured by a lien upon real property located within this state containing two or fewer residential units or on which two or fewer residential units are to be constructed and shall include such an obligation on a residential condominium or cooperative unit.