Rhode Island Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-130
• Format: Word; Rich Text

Description

If an owner of a mineral or royalty interest, whose interest is subject to a mortgage/deed of trust, desires to sell or convey an interest, it is appropriate to obtain a release of that lien as to the interest conveyed. This form addresses that situation. Rhode Island Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter In Rhode Island, a partial release of mortgage or deed of trust on a mineral or royalty interest sold by the granter refers to a legal document that releases a specific portion of the mortgaged or trust property from the encumbrance of the mortgage or deed of trust. This type of release is typically executed when the granter has sold a partial interest in the mineral or royalty rights associated with the property and wishes to free that specific portion of the property from the mortgage or deed of trust. The partial release is crucial as it ensures that the new owner of the mineral or royalty interest holds a clear and unencumbered title to that portion of the property. This release allows the granter to retain ownership of the remaining interest or interests not sold or transferred. Key Points Regarding Rhode Island Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter: 1. Definition: A partial release of mortgage or deed of trust on a mineral or royalty interest sold by granter is a legally binding document that extinguishes the mortgage or deed of trust lien on the specific portion of the property being sold. 2. Purpose: The purpose of this partial release is to facilitate the transfer of the mineral or royalty interest to the new owner by eliminating any mortgage or deed of trust encumbrances on the sold portion, thereby providing a clear title to the interest. 3. Seller's Intent: By executing a partial release, the granter acknowledges and agrees to relinquish the mortgage or deed of trust lien on the specific mineral or royalty interests being sold, effectively releasing any claims on those rights. 4. Legal Process: To execute a partial release, the granter must draft a specific legal document containing details such as the property description, the portion being released, identification of the buyer or transferee, and the mortgage or deed of trust details. 5. Different Types of Partial Release: In Rhode Island, there may be variations of partial releases based on the terms and conditions agreed between the seller (granter) and the buyer (transferee). These variations could include partial releases with a predefined timeframe, contingency-based releases, or releases with specific performance clauses. 6. Recording: To ensure the legal validity and protection of both parties, it is crucial to record the partial release with the appropriate county or state authority where the property is located. This recording serves as public notice of the partial release and establishes the new ownership rights of the mineral or royalty interest. In conclusion, when a granter sells a partial interest in mineral or royalty rights in Rhode Island, executing a partial release of mortgage or deed of trust on that specific portion is necessary to provide a clear title to the new owner. This legally binding document ensures that the sold interest is free from any encumbrances resulting from the existing mortgage or deed of trust on the property. It is essential to consult with legal professionals familiar with Rhode Island real estate laws to ensure compliance and a smooth transfer of ownership.

Rhode Island Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter In Rhode Island, a partial release of mortgage or deed of trust on a mineral or royalty interest sold by the granter refers to a legal document that releases a specific portion of the mortgaged or trust property from the encumbrance of the mortgage or deed of trust. This type of release is typically executed when the granter has sold a partial interest in the mineral or royalty rights associated with the property and wishes to free that specific portion of the property from the mortgage or deed of trust. The partial release is crucial as it ensures that the new owner of the mineral or royalty interest holds a clear and unencumbered title to that portion of the property. This release allows the granter to retain ownership of the remaining interest or interests not sold or transferred. Key Points Regarding Rhode Island Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Granter: 1. Definition: A partial release of mortgage or deed of trust on a mineral or royalty interest sold by granter is a legally binding document that extinguishes the mortgage or deed of trust lien on the specific portion of the property being sold. 2. Purpose: The purpose of this partial release is to facilitate the transfer of the mineral or royalty interest to the new owner by eliminating any mortgage or deed of trust encumbrances on the sold portion, thereby providing a clear title to the interest. 3. Seller's Intent: By executing a partial release, the granter acknowledges and agrees to relinquish the mortgage or deed of trust lien on the specific mineral or royalty interests being sold, effectively releasing any claims on those rights. 4. Legal Process: To execute a partial release, the granter must draft a specific legal document containing details such as the property description, the portion being released, identification of the buyer or transferee, and the mortgage or deed of trust details. 5. Different Types of Partial Release: In Rhode Island, there may be variations of partial releases based on the terms and conditions agreed between the seller (granter) and the buyer (transferee). These variations could include partial releases with a predefined timeframe, contingency-based releases, or releases with specific performance clauses. 6. Recording: To ensure the legal validity and protection of both parties, it is crucial to record the partial release with the appropriate county or state authority where the property is located. This recording serves as public notice of the partial release and establishes the new ownership rights of the mineral or royalty interest. In conclusion, when a granter sells a partial interest in mineral or royalty rights in Rhode Island, executing a partial release of mortgage or deed of trust on that specific portion is necessary to provide a clear title to the new owner. This legally binding document ensures that the sold interest is free from any encumbrances resulting from the existing mortgage or deed of trust on the property. It is essential to consult with legal professionals familiar with Rhode Island real estate laws to ensure compliance and a smooth transfer of ownership.