Most states have statutes that provide that a mortgage or deed of trust may be discharged in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Ohio Satisfaction of Mortgage by a Corporation is a legal document that signifies the full repayment of a mortgage loan by a corporation in Ohio. When a corporation takes out a mortgage to finance the purchase of property or real estate, they are required to repay the loan in installments over a predetermined period. Once the corporation has fulfilled this payment obligation, they can request a Satisfaction of Mortgage from the lender or mortgagee. The Ohio Satisfaction of Mortgage by a Corporation is an essential document that officially releases the corporation from any further obligations related to the mortgage. It effectively proves that the corporation has satisfied all the financial responsibilities associated with the loan, meaning that the mortgage debt has been fully paid off. This document serves as evidence and protects both borrowers and lenders by maintaining clear records and ensuring the title of the property can be transferred or conveyed without any encumbrances. The Ohio Satisfaction of Mortgage by a Corporation typically includes vital information such as: 1. Name and address of the mortgagee (lender) 2. Name and address of the mortgagor (corporation) 3. Identification of the mortgage, including the original loan amount, date of execution, and recording details 4. Legal description of the property or real estate covered by the mortgage 5. Acknowledgment of the full and final payment of the mortgage debt by the corporation 6. Signatures of authorized representatives from both the corporation and the lender 7. Notary acknowledgment and seal It's important to note that while the Ohio Satisfaction of Mortgage by a Corporation is the primary document, there can be variations or additional types of satisfaction of mortgage depending on the circumstances. Some common types include: 1. Partial Satisfaction of Mortgage: This form is used when the corporation pays off a portion of the mortgage loan while the remaining balance still exists. It allows for the release of a specific property or portion of the property from the mortgage obligation. 2. Subordinate Satisfaction of Mortgage: In situations where a corporation takes out a second mortgage or subsequent lien on the property, this form is used to release a subordinate mortgage once it has been paid off while leaving the primary mortgage untouched. 3. Assignment Satisfaction of Mortgage: When a corporation assigns the mortgage debt to another party through a legal transaction, this form is used to signify the transfer of the loan obligation to the new mortgagee. The original mortgagee provides this document to release themselves from any further liability. In conclusion, the Ohio Satisfaction of Mortgage by a Corporation is a crucial legal document that signifies the full repayment of a corporation's mortgage loan. It plays a significant role in clearing any encumbrances on the property, allowing for smooth conveyance or transfer of the title. Corporations should ensure that this document is properly executed and recorded to protect their interests and maintain accurate property records.
