The Oklahoma Release of Lien for Deed of Trust is an important legal document used to release a lien that has been placed on a piece of property as security for a loan. This document needs to be prepared and signed by the lender once the loan has been fully paid off or if the property has been sold. In Oklahoma, there are two main types of Release of Lien for Deed of Trust: the Full Release and the Partial Release. The Full Release of Lien for Deed of Trust is used when the entire loan amount has been paid off and there are no remaining obligations. This document certifies that the lien has been fully released from the property and that the lender no longer has any claim over it. It is crucial to obtain this release after paying off a mortgage or loan to ensure a clear title on the property. On the other hand, the Partial Release of Lien for Deed of Trust is utilized when only a portion of the loan has been paid off, and the lender agrees to release the lien on a specific portion of the property. This release is commonly seen when subdividing or selling a part of the property while still keeping a lien on the remaining portion. To draft an Oklahoma Release of Lien for Deed of Trust document, certain essential details are required. These include the names and contact information of the parties involved (lender and borrower), the date of the original loan agreement, the legal description and address of the property, the loan amount, and the current outstanding balance. The document should also state that the lien is being released and released party (borrower) will have clear ownership of the property. Keywords: Oklahoma, Release of Lien for Deed of Trust, legal document, lien release, property, loan, full release, partial release, title, mortgage, loan agreement, borrower, lender, legal description.
Oklahoma Release of Lien for Deed of Trust
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How to fill out Oklahoma Release Of Lien For Deed Of Trust?
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