Ohio Partial Release of Mortgage / Deed of Trust for Landowner is a legal document that allows a borrower to release a portion of their property from the mortgage or deed of trust that encumbers it. This release grants the landowner the ability to convey or sell the released portion of the property without any lien or encumbrance. A partial release of mortgage is typically used when a borrower wishes to sell a portion of their property but still wants to keep the remaining portion as collateral for their loan. This partial release effectively removes the lender's interest in the released portion, allowing the landowner to have clear title over that specific area. In Ohio, there are several types of partial releases of mortgage or deed of trust that landowners should be aware of: 1. Partial Release of Mortgage: This type of release allows the landowner to remove a specific portion or parcel of their property from the mortgage. This may be in the form of a specific lot or designated area within the property. 2. Partial Release of Deed of Trust: Similar to the partial release of mortgage, this type of release allows the landowner to remove a portion of their property from the deed of trust. This release removes the lender's interest in the selected area, granting the landowner more flexibility in managing their property. 3. Partial Release of Lien: In certain cases, a landowner may have a lien on their property that is being partially released. This release allows the landowner to remove the lien from the specific portion of the property specified in the release. 4. Partial Release of Easement: In some cases, an easement may have been granted over a portion of the property. A partial release of easement allows the landowner to release the easement rights granted, restoring full control and ownership over the specified portion. It is important to note that the specific requirements, procedures, and forms for Ohio's partial release of mortgage or deed of trust for landowner may vary. It is advisable to consult with a qualified attorney or legal professional to ensure compliance with relevant laws and regulations. Proper execution and recording of the release document will help protect the landowner's interests and maintain the integrity of the property's title.
Ohio Partial Release of Mortgage / Deed of Trust For Landowner
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Section 5301.36 | Entry of satisfaction. (B) Within ninety days from the date of the satisfaction of a mortgage, the mortgagee shall record a release of the mortgage evidencing the fact of its satisfaction in the appropriate county recorder's office and pay any fees required for the recording.
Ohio law consists of the Ohio Constitution, the Ohio Revised Code and the Ohio Administrative Code. The Constitution is the state's highest law superseding all others. The Revised Code is the codified law of the state while the Administrative Code is a compilation of administrative rules adopted by state agencies.
Section 163.03 | Right of entry. Notice of such proposed entry shall be given to the owner or the person in possession by such means as are reasonably available not less than forty-eight hours nor more than thirty days prior to the date of such entry.
A mortgage shall be discharged upon the record of the mortgage by the county recorder when there is presented to the county recorder a certificate executed by the mortgagee or the mortgagee's assigns, acknowledged as provided in section 5301.01 of the Revised Code, or when there is presented to the recorder a deed of ...
Section 5301.233 | Mortgage may secure unpaid balances of advances made.
The signing shall be acknowledged by the grantor, mortgagor, vendor, or lessor, or by the trustee, before a judge or clerk of a court of record in this state, or a county auditor, county engineer, notary public, or mayor, who shall certify the acknowledgement and subscribe the official's name to the certificate of the ...
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.
