A Virginia Partial Release of Deed of Trust is a legal document used in real estate transactions to release a portion of a property from a mortgage or loan. This partial release is typically granted when a borrower has made significant payments towards the principal balance or if a portion of the property is being sold or transferred. The purpose of a Virginia Partial Release of Deed of Trust is to remove the lien on a specific portion or parcel of land, allowing the owner to sell, refinance, or transfer that part of the property without any encumbrances. This release is important because it ensures that the borrower or the current owner of the property can freely deal with the given portion without any restrictions or claims on it. In Virginia, there are a few different types of partial releases of deeds of trust, depending on the circumstances: 1. Partial Release for Sale or Transfer: This type of release is executed when a borrower wants to sell or transfer ownership of a portion of the property that is encumbered by a mortgage or loan. By obtaining a partial release, the borrower can convey clear title to the buyer or transferee. 2. Partial Release for Loan Repayment: When a borrower has made substantial payments towards the principal balance of the mortgage or loan, they may request a partial release to release a portion of the property from the lien. This type of release acknowledges the borrower's progress in reducing their debt and allows them to leverage the equity they have built. 3. Partial Release for Development: In some cases, a property owner may want to develop only a portion of their land while keeping the rest intact. A partial release can help in separating the desired parcel from the rest of the property to facilitate development without affecting the remaining land. 4. Partial Release for Subdivision: If a property owner wants to subdivide their land to create separate parcels, a partial release can be used to release the new parcels, allowing for independent sales or financing. In summary, a Virginia Partial Release of Deed of Trust is a legal document that releases a portion of a property from a mortgage or loan, allowing for its sale, transfer, development, or subdivision. This type of release benefits property owners by providing more flexibility and enabling them to make the most of their assets. It is essential to consult a knowledgeable real estate attorney or professional to ensure compliance with Virginia laws and to properly execute this document.
Virginia Partial Release of Deed of Trust
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How to fill out Virginia Partial Release Of Deed Of Trust?
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A deed of trust that has been recorded and that states that it secures indebtedness or other obligations under a loan document and that it also secures indebtedness or other obligations under such loan document as it may be amended, modified, supplemented, or restated shall secure such loan document as amended, ...
No deed of trust or mortgage heretofore or hereafter given to secure the payment of money, and no lien heretofore or hereafter reserved to secure the payment of unpaid purchase money, shall be enforced after 10 years from the time when the original obligation last maturing thereby secured shall have become due and ...
After or accompanying payment in full of the obligation secured by a deed of trust or judgment lien, a settlement agent or title insurance company intending to release a deed of trust or judgment lien pursuant to this subsection shall deliver to the lien creditor by certified mail or commercial overnight delivery ...
A deed of trust is a legal document that secures a real estate transaction. It only shows that a designated third party holds legal title?i.e. ownership?to your property until you've paid it off, ing to the terms of your loan.
No deed of trust or mortgage heretofore or hereafter given to secure the payment of money, and no lien heretofore or hereafter reserved to secure the payment of unpaid purchase money, shall be enforced after 10 years from the time when the original obligation last maturing thereby secured shall have become due and ...
The certificate of satisfaction shall include the settlement agent's CRESPA registration number, issued by the Virginia State Bar or the Virginia State Corporation Commission, that was in effect at the time the settlement agent paid the obligation secured by the deed of trust or obtained written confirmation from the ...
Upon satisfaction of a judgment, creditor must file a release of judgment (Virginia Code § 8.01-454). Creditor or their legal representative shall draft a satisfaction or complete CC-1463/Authorization for Entry of Satisfaction of Judgment and /or Release of Judgment Lien (PDF).