A Joliet Illinois Partial Release Deed is a legal document used in real estate transactions to release a portion of a property from a mortgage or lien. This type of deed is typically utilized when a property has multiple liens or mortgages, and the owner wants to sell or transfer a portion of the property without having to pay off the entire debt. In Joliet, Illinois, there are two main types of Partial Release Deeds: Partial Release Deed of Trust and Partial Release Deed of Mortgage. The Partial Release Deed of Trust is used when the property has a deed of trust as the primary form of securing the loan. When the borrower pays off a portion of the debt, the lender issues a partial release deed to release the lien on the specific portion of the property. This allows the homeowner to sell or transfer the released portion without affecting the remaining debt on the property. On the other hand, the Partial Release Deed of Mortgage is used when a mortgage is the primary form of securing the loan. Similar to the Partial Release Deed of Trust, the lender issues a partial release deed to release the specific portion of the property from the mortgage lien, allowing the owner to sell or transfer the released portion without affecting the outstanding debt on the property. It is important to note that in both cases, the partial release deed should be recorded with the county recorder's office to provide public notice of the released portion of the property. In summary, a Joliet Illinois Partial Release Deed is a legal instrument used to release a portion of a property from a mortgage or lien. The two main types are Partial Release Deed of Trust and Partial Release Deed of Mortgage, which enable property owners to sell or transfer a portion of their property while still having existing debt on the remaining portion.
Joliet Illinois Partial Release Deed
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