Ohio Release of Lien for Real Estate

• Category: Liens - Releases and Waivers
• State: Multi-State
• Control #: US-01775-AZ-7
• Format: Word; Rich Text

Description

This form is a release of a lien. The form provides that the lienholder chooses to release a certain parcel of property and the owner from all liability arising from the labor performed and materials furnished by the lienholder under the terms of a contract mentioned in the document.

Ohio Release of Lien for Real Estate A release of lien for real estate is an essential legal document used in the state of Ohio to remove a lien placed on a property. Liens are commonly filed by creditors or subcontractors to secure unpaid debts or claims against the property. Once the debt associated with the lien is repaid, a release of lien is filed to clear the property's title and transfer ownership without any encumbrances. Types of Ohio Release of Lien for Real Estate: 1. Full Release of Lien: This type of release is filed once the entire debt or claim associated with the lien is paid in full. It releases the property from any further obligations or encumbrances related to the lien. 2. Partial Release of Lien: In cases where only a portion of the debt is repaid, a partial release of lien may be filed. This document releases the lien from a specific portion of the property, allowing for partial transfer of ownership without affecting the remaining lien. 3. Conditional Release of Lien: This type of release is filed when the debtor and the lien holder mutually agree upon certain conditions for releasing the lien. These conditions typically include specific actions, payments, or agreements to be completed before the lien can be fully released. 4. Final Release of Lien: A final release of lien is filed when all outstanding debts associated with the lien are extinguished, and there are no further claims or obligations remaining. This document completely removes the lien from the property's title, ensuring a clear and marketable title for future transactions. The process of obtaining an Ohio Release of Lien for real estate involves a few essential steps. Firstly, the debtor must complete the repayment of the outstanding debt or fulfill the conditions agreed upon with the lien holder. Once the debt is satisfied, the lien holder prepares the appropriate release of lien document, often with the assistance of a legal professional. The release of lien document should include relevant details such as the property's description, the name of the lien holder, the name of the debtor, the date of release, and the amount for which the lien was initially filed. Additionally, it should be notarized to ensure its validity and enforceability. Once the release of lien document is completed, it is filed with the appropriate Ohio county recorder's office or land records office, depending on the county where the property is located. This filing ensures that the release is officially recorded and becomes a part of the property's public record, establishing the release's validity and providing notice to potential future buyers or lenders. In conclusion, an Ohio Release of Lien for Real Estate is a crucial document that enables property owners to clear any outstanding liens and transfer ownership without complications. Understanding the different types of releases, including full release, partial release, conditional release, and final release, helps ensure the appropriate document is filed. Consulting with a legal professional during this process can provide guidance and ensure compliance with Ohio's real estate laws.