The Maricopa Arizona Deed of Release and Re conveyance is a legal document that is used in the state of Arizona to release a mortgage lien on a property once the mortgage has been fully paid off. This essential document is crucial for property owners to ensure that their property is free and clear of any encumbrances. The Maricopa Arizona Deed of Release and Re conveyance serves as proof that the mortgage obligation has been fulfilled, and the lender no longer holds a claim on the property. By executing this document, the lender acknowledges that they have received full payment for the mortgage and relinquish any rights they had to the property. There are several types of Maricopa Arizona Deed of Release and Re conveyance based on the specific circumstances of the mortgage. These include: 1. Full Re conveyance Deed: This type of deed is used when the borrower has completely paid off their mortgage, and the lender releases their claim on the property. 2. Partial Re conveyance Deed: In certain situations, a borrower may have paid off a portion of their mortgage but still has an outstanding balance. In such cases, a partial reconveyance deed is employed to release the lender's lien on the portion that has been paid. 3. Subordinate Re conveyance Deed: If a borrower has multiple mortgages on a property and wants to release the lien on a specific mortgage while keeping the others intact, a subordinate reconveyance deed is used. This allows the borrower to prioritize and release selected mortgages. The Maricopa Arizona Deed of Release and Re conveyance is an essential legal instrument that protects property owners' interests by ensuring that their properties are released from any claims or liens held by lenders. It provides peace of mind to borrowers, as it serves as clear evidence that their mortgage has been fully satisfied, and they hold the rightful ownership of their property.
Maricopa Arizona Deed of Release and Reconveyance
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