Texas Partial Release of Mortgage / Deed of Trust

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-128
• Format: Word; Rich Text

Description

This form provides for a partial release of a mortgage/deed of trust on lands. A Texas Partial Release of Mortgage or Deed of Trust is a legal document that allows a borrower to release a portion of their property from the mortgage or deed of trust. It is commonly used when the borrower wants to sell a portion of the property or if a portion of the property has been paid off. In Texas, there are different types of Partial Release of Mortgage / Deed of Trust, including: 1. Partial Release of Lot: This type of release is used when a borrower wants to sell a specific lot or portion of their property. It allows the borrower to transfer ownership of the released lot while keeping the remaining portion under the mortgage or deed of trust. 2. Partial Release of Acreage: When a borrower wants to sell a specific acreage from a larger property, this type of release is employed. It enables the borrower to convey ownership of the released acreage while maintaining the mortgage or deed of trust on the remaining land. 3. Partial Release of Property Improvements: This release is used when a borrower has made improvements on their property, such as constructing a new building or adding significant upgrades. It allows the borrower to separate the value of the improvements from the original mortgage or deed of trust, giving them better control over the collateral. 4. Partial Release of Lien: In some cases, a borrower may have multiple liens on their property. This type of release permits the borrower to remove one specific lien, usually when it has been paid off, while keeping the other liens intact. When executing a Texas Partial Release of Mortgage / Deed of Trust, it is essential to follow the correct legal procedures. Typically, the borrower or their legal representative must draft the release document, which should contain the requisite information including the property description, the original mortgage or deed of trust details, the release amount or portion being released, and the signatures of both the borrower and the lender. Once the partial release is completed, it is generally recorded in the county clerk's office where the property is located to provide a public record of the release. This helps ensure that the released portion is no longer encumbered by the mortgage or deed of trust. It is crucial to consult with a qualified attorney or seek legal advice when creating or executing a Texas Partial Release of Mortgage / Deed of Trust to ensure compliance with state laws and protect the rights and interests of all parties involved.

A Texas Partial Release of Mortgage or Deed of Trust is a legal document that allows a borrower to release a portion of their property from the mortgage or deed of trust. It is commonly used when the borrower wants to sell a portion of the property or if a portion of the property has been paid off. In Texas, there are different types of Partial Release of Mortgage / Deed of Trust, including: 1. Partial Release of Lot: This type of release is used when a borrower wants to sell a specific lot or portion of their property. It allows the borrower to transfer ownership of the released lot while keeping the remaining portion under the mortgage or deed of trust. 2. Partial Release of Acreage: When a borrower wants to sell a specific acreage from a larger property, this type of release is employed. It enables the borrower to convey ownership of the released acreage while maintaining the mortgage or deed of trust on the remaining land. 3. Partial Release of Property Improvements: This release is used when a borrower has made improvements on their property, such as constructing a new building or adding significant upgrades. It allows the borrower to separate the value of the improvements from the original mortgage or deed of trust, giving them better control over the collateral. 4. Partial Release of Lien: In some cases, a borrower may have multiple liens on their property. This type of release permits the borrower to remove one specific lien, usually when it has been paid off, while keeping the other liens intact. When executing a Texas Partial Release of Mortgage / Deed of Trust, it is essential to follow the correct legal procedures. Typically, the borrower or their legal representative must draft the release document, which should contain the requisite information including the property description, the original mortgage or deed of trust details, the release amount or portion being released, and the signatures of both the borrower and the lender. Once the partial release is completed, it is generally recorded in the county clerk's office where the property is located to provide a public record of the release. This helps ensure that the released portion is no longer encumbered by the mortgage or deed of trust. It is crucial to consult with a qualified attorney or seek legal advice when creating or executing a Texas Partial Release of Mortgage / Deed of Trust to ensure compliance with state laws and protect the rights and interests of all parties involved.