A Virginia Partial Release of Mortgage, also known as a Deed of Trust on Undivided Leasehold Interest, is a legal document that allows a lender to release a portion of the property from the mortgage or deed of trust. This partial release is usually granted when the borrower wishes to sell or transfer a part of the property without paying off the entire mortgage balance. In Virginia, there are two common types of Partial Release of Mortgage / Deed of Trust on Undivided Leasehold Interest: 1. General Partial Release: This type of release is used when a borrower wants to sell or transfer a specific portion or interest in the property to a third party, while leaving the remaining portion still encumbered by the mortgage or deed of trust. It is commonly seen in situations where there are multiple units or parcels in a condominium or commercial building, and an owner wants to sell or lease one or more units while retaining ownership of the remaining units. 2. Specific Partial Release: This release is used when the borrower requests the lender to release a specific part of the property from the mortgage or deed of trust. It is often used in situations where a borrower wants to refinance a property and needs to remove a portion of the property or an additional property from the existing mortgage or deed of trust. The Virginia Partial Release of Mortgage / Deed of Trust on Undivided Leasehold Interest typically includes the following information: 1. Parties Involved: The document identifies the lender (mortgagee), the borrower (mortgagor), and any third parties involved in the transaction, such as the buyer or transferee of the released parcel. 2. Property Description: The legal description of the property that is subject to the mortgage or deed of trust is provided, along with an accurate identification of the specific portion or interest being released. 3. Release Amount: The document states the amount or percentage of the mortgage or deed of trust being released, allowing the borrower to sell or transfer the specified portion without paying off the entire loan balance. 4. Terms and Conditions: Any specific terms or conditions related to the partial release, such as the requirement for the borrower to provide additional security or guaranties related to the remaining mortgage or deed of trust, may be included. 5. Signatures: The document requires the signatures of the lender, borrower, and any other relevant parties involved, such as the buyer or transferee of the released portion. It is important to note that this description provides a general overview of a Virginia Partial Release of Mortgage / Deed of Trust on Undivided Leasehold Interest, and specific details may vary depending on the terms agreed upon by the parties involved and the requirements of the lender. Consulting with a real estate attorney or title company is recommended to ensure compliance with Virginia state laws and to address any specific circumstances or requirements related to the partial release.
Virginia Partial Release of Mortgage / Deed of Trust on Undivided Leasehold Interest
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How to fill out Virginia Partial Release Of Mortgage / Deed Of Trust On Undivided Leasehold Interest?
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Protection of assignees or transferees of debts secured by real estate; form of certificate of transfer.
From the date of the recording of a credit line deed of trust, the lienthereof shall have priority (i) as to all other deeds, conveyances, or otherinstruments, or contracts in writing, which are unrecorded as of such dateand of which the noteholder has no knowledge or notice and (ii) as tojudgment liens subsequently ...
As used in this subsection, "deed of distribution" means a deed conveying property from an estate or trust (i) to the original beneficiaries of a trust from the trustees holding title under a deed in trust; (ii) the purpose of which is to comply with a devise or bequest in the decedent's will or to transfer title to ...
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 ...
The main difference between a deed and a deed of trust is that a deed is a transfer of ownership, while a deed of trust is a security interest. A deed of trust is used to secure a loan, while a deed is used to transfer ownership of a property.
No person may be named or act, in person or by agent or attorney, as the trustee of a deed of trust conveying property to secure the payment of money or the performance of an obligation, either individually or as one of several trustees, unless such person is a resident of the Commonwealth.
C. Upon a finding by the court that the holder of a mortgage or deed of trust that has been fully paid or discharged has unjustifiably and without good cause failed or refused to release such mortgage or deed of trust, the court may order that costs and reasonable attorney fees be paid to the petitioning party.
The party secured by the deed of trust, or the holders of greater than fifty percent of the monetary obligations secured thereby, shall have the right and power to appoint a substitute trustee or trustees for any reason and, regardless of whether such right and power is expressly granted in such deed of trust, by ...
A settlement agent or title insurance company may release a deed of trust or judgment lien in ance with the provisions of this subsection (i) if the obligation secured by the deed of trust or judgment lien has been satisfied by payment made by the settlement agent and (ii) whether or not the settlement agent or ...
A Virginia deed of trust transfers title of an owner's property to a trustee as security for repayment to a beneficiary who financed the real estate purchase. The trustee's role is to hold onto the title until the owner (grantor ) repays the debt, at which point they'll transfer the title back.
