Washington Satisfaction of Mortgage is a document used in the state of Washington to prove that a debt secured by a mortgage has been fully satisfied. It is typically recorded in the county where the mortgaged property is located. This document is usually provided by the lender after the loan has been paid in full, and it releases the borrower from any further liability on the loan. In some cases, a Washington Satisfaction of Mortgage may also be issued by a third party. There are two types of Washington Satisfaction of Mortgage documents: one for residential mortgages and one for commercial mortgages. The residential version is used when the mortgaged property is a single-family home. The commercial version is used for business properties, such as office buildings and warehouses. In both cases, the document must be signed by the borrower and lender, and it must be recorded with the county clerk's office in order to be legally binding.
Washington Satisfaction of Mortgage
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FAQ
If the mortgagee fails to execute and record a Satisfaction of Mortgage within the 60-day period afforded by statute, the mortgagor (property owner) may file suit and seek a court order directing the mortgagee to execute a satisfaction of mortgage or an order extinguishing the lien against the property.
If sold, the owner of the mortgage at the time of the final payment is responsible for completing the satisfaction of mortgage documentation.
A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.
The Grantor is the seller (on deeds), or borrower (on mortgages). The Grantor is usually the one who signed the document.
Within 60 days of the date of receipt of the full payment of the mortgage, lien, or judgment, the person required to acknowledge satisfaction of the mortgage, lien, or judgment shall send or cause to be sent the recorded satisfaction to the person who has made the full payment.
Satisfactions Generally: Once a mortgage or deed of trust is paid, the holder of the mortgage is required to satisfy the mortgage or deed of trust of record to show that the mortgage or deed of trust is no longer a lien on the property.
A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.
A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.