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A formal deed of release follows the mortgage discharge letter, although sometimes it takes several weeks for this document to come through. The release is similar to a quitclaim deed. By signing it, the lender transfer all its rights and interest in the property back to the borrower.

This release of mortgage is recorded or filed and gives notice to the world that the lien is no more. On the other hand, when you have a trust deed or deed of trust, the lender files a release deed. With a deed of trust, you temporarily give control of the title to your property to the lender for security purposes.

A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.

What is a Mortgage Release? A Mortgage Release is where you, the homeowner, voluntarily transfer the ownership of your property to the owner of your mortgage in exchange for a release from your mortgage loan and payments.

The contract allows the buyer to purchase the property by paying monthly installments to the seller. The buyer can live in the property, but the seller will hold the legal title until the buyer pays off the debt. Once the last installment has been paid, the buyer will obtain the deed to the property.

Other disadvantages include the possibility of the seller going bankrupt, going missing or dying, which would put the property into probate and jeopardize the buyer’s contract.

The contract for deed is a much faster and less costly transaction to execute than a traditional, purchase-money mortgage. In a typical contract for deed, there are no origination fees, formal applications, or high closing and settlement costs.