Rhode Island Partial Release of Deed of Trust

• Category: Releases and Waivers - Real Estate
• State: Multi-State
• Control #: US-61437
• Format: Word; Rich Text

Description

This form is a partial release. A bank releases from a certain deed of trust a particular piece of property described in the document. However, the form provides as to all other property covered by the deed of trust, the lien remains in full effect. A Rhode Island Partial Release of Deed of Trust is a legal document that allows a borrower to release a portion of the property covered by a deed of trust, also known as a mortgage, without fully satisfying the entire loan. This partial release is typically granted when the borrower has paid off a specific portion of the loan amount or when a portion of the property no longer serves as collateral for the remaining loan balance. In Rhode Island, there are mainly two types of Partial Release of Deed of Trust: 1. Partial Release by Loan Amount: This type of release is executed when the borrower has made significant payments towards the loan principal, reducing the overall indebtedness. The lender evaluates the property's value and determines the equitable amount that can be released, ensuring that the remaining loan balance is adequately secured by the remaining collateral. 2. Partial Release by Parcel: This type of release occurs when a borrower owns multiple parcels of land or buildings that serve as collateral for a single loan. If the borrower pays off the loan for one of the parcels, they can request a partial release, removing that specific parcel of land or building from the mortgage. The lender assesses the remaining property's value and determines the appropriate partial release amount. The Rhode Island Partial Release of Deed of Trust document typically includes the following key details: 1. Parties Involved: The document identifies the borrower or mortgagor, the lender or mortgagee, and any other relevant parties involved in the transaction. 2. Property Description: The legal description of the property covered by the deed of trust is provided. This includes details such as the address, lot number, and other identifying information. 3. Release Amount: The document specifies the exact amount or portion of the loan that will be released. This can be indicated either as a specific dollar amount or as a percentage of the original loan balance. 4. Property Release Details: If the release is specific to a parcel or part of the property, the document will outline the details, including the parcel's legal description, boundaries, and any relevant survey information. 5. Terms and Conditions: The document may include additional provisions, such as any conditions or restrictions related to the partial release, the borrower's obligations, or any release-related fees. Completing a Rhode Island Partial Release of Deed of Trust requires strict adherence to the state's laws and regulations. It is highly recommended consulting with a qualified real estate attorney or trusted legal professional to draft or review the document accurately and ensure compliance with applicable laws.

A Rhode Island Partial Release of Deed of Trust is a legal document that allows a borrower to release a portion of the property covered by a deed of trust, also known as a mortgage, without fully satisfying the entire loan. This partial release is typically granted when the borrower has paid off a specific portion of the loan amount or when a portion of the property no longer serves as collateral for the remaining loan balance. In Rhode Island, there are mainly two types of Partial Release of Deed of Trust: 1. Partial Release by Loan Amount: This type of release is executed when the borrower has made significant payments towards the loan principal, reducing the overall indebtedness. The lender evaluates the property's value and determines the equitable amount that can be released, ensuring that the remaining loan balance is adequately secured by the remaining collateral. 2. Partial Release by Parcel: This type of release occurs when a borrower owns multiple parcels of land or buildings that serve as collateral for a single loan. If the borrower pays off the loan for one of the parcels, they can request a partial release, removing that specific parcel of land or building from the mortgage. The lender assesses the remaining property's value and determines the appropriate partial release amount. The Rhode Island Partial Release of Deed of Trust document typically includes the following key details: 1. Parties Involved: The document identifies the borrower or mortgagor, the lender or mortgagee, and any other relevant parties involved in the transaction. 2. Property Description: The legal description of the property covered by the deed of trust is provided. This includes details such as the address, lot number, and other identifying information. 3. Release Amount: The document specifies the exact amount or portion of the loan that will be released. This can be indicated either as a specific dollar amount or as a percentage of the original loan balance. 4. Property Release Details: If the release is specific to a parcel or part of the property, the document will outline the details, including the parcel's legal description, boundaries, and any relevant survey information. 5. Terms and Conditions: The document may include additional provisions, such as any conditions or restrictions related to the partial release, the borrower's obligations, or any release-related fees. Completing a Rhode Island Partial Release of Deed of Trust requires strict adherence to the state's laws and regulations. It is highly recommended consulting with a qualified real estate attorney or trusted legal professional to draft or review the document accurately and ensure compliance with applicable laws.