This is a sample form for use in Tennessee, a Affidavit in Support of Marginal Release of Deed of Trust (Category: Mortgages and Deeds of Trust). Adapt to fit your circumstances. Available in standard formats.
Clarksville Tennessee Affidavit in Support of Marginal Release of Deed of Trust is a legal document commonly used in real estate transactions to release a portion of the property from a previously recorded mortgage lien. When the mortgage loan is partially paid off, and the borrower requests a release of a specific portion of the property, this affidavit is necessary to document the release and provide evidence of the court's permission to remove the lien. In Clarksville, Tennessee, there are several types of Affidavits in Support of Marginal Release of Deed of Trust that can be utilized based on specific circumstances. These types include: 1. Partial Release Affidavit: This type of affidavit is used when the borrower intends to release a particular portion, such as a parcel of land or one building, from the original deed of trust. It requires a detailed legal description of the portion being released and should include the identification of the original mortgage or deed of trust. 2. Graduated Release Affidavit: A graduated release affidavit is employed when the borrower wishes to gradually release multiple portions of the property over a specific period. This type of affidavit must outline the specific areas or assets being released and the timeline for their release, ensuring compliance with the terms agreed upon in the mortgage agreement. 3. Subsequent Construction Release Affidavit: If the borrower plans to construct additional structures or make improvements on the property, this affidavit is necessary to release the newly completed construction from the original deed of trust. The document should include detailed information about the improvements made, including legal descriptions, plans, and permits. 4. Release of Additional Collateral Affidavit: When a borrower provides additional collateral to secure a loan, this affidavit is employed to release the newly added asset from the deed of trust in case of partial payments or upon fulfillment of agreed terms. The statement must describe the added asset, its value, and the specific provisions under which it will be released. These various types of Affidavits in Support of Marginal Release of Deed of Trust serve to protect the interests of both borrowers and lenders in Clarksville, Tennessee. It is crucial to consult with a qualified attorney or legal expert to draft and execute the appropriate affidavit applicable to the specific situation, ensuring compliance with local laws and regulations.
