Phoenix Arizona Deed of Trust - Release

State:
Multi-State
City:
Phoenix
Control #:
US-00489
Format:
Word; 
Rich Text
Instant download

Description

This form authorizes the chancery clerk or the recorder of deeds to release from the deed of trust or mortgage certain property described in the document. A Phoenix Arizona Deed of Trust — Release is a legal document used to formally release a property from an existing deed of trust lien. When a homeowner in Phoenix borrows money to purchase a property, they typically sign a deed of trust, which grants the lender a lien on the property as security for the loan. A deed of trust release is executed once the borrower fully pays off the loan or refinances it with another lender. This document effectively eliminates the lien on the property, allowing the homeowner to have clear and marketable title. There are several types of Phoenix Arizona Deed of Trust — Release, each serving a specific purpose: 1. Full Re conveyance: This type of release is used when the borrower has fully paid off the loan. The lender acknowledges that the debt has been satisfied and releases their lien on the property. 2. Partial Re conveyance: In some cases, the homeowner may pay off a portion of the loan while keeping the remaining amount intact. A partial reconveyance would be executed to release the lender's lien on the portion of the property covered by the partial payment. 3. Substitution of Trustee: If the lender decides to change the trustee named in the original deed of trust, a substitution of trustee release would be used. This document identifies the new trustee and releases the previous trustee from their responsibilities. 4. Deed of Re conveyance: When the borrower has fully paid off the loan, but the lender fails to issue a reconveyance, the borrower can request a deed of reconveyance. This document acts as proof that the loan has been satisfied and releases the lender's lien. It is important to note that a Phoenix Arizona Deed of Trust — Release must be recorded with the county recorder's office where the property is located to ensure its validity and clarity of title. It is recommended to seek legal advice or consult a title company to properly execute and record this important document.

A Phoenix Arizona Deed of Trust — Release is a legal document used to formally release a property from an existing deed of trust lien. When a homeowner in Phoenix borrows money to purchase a property, they typically sign a deed of trust, which grants the lender a lien on the property as security for the loan. A deed of trust release is executed once the borrower fully pays off the loan or refinances it with another lender. This document effectively eliminates the lien on the property, allowing the homeowner to have clear and marketable title. There are several types of Phoenix Arizona Deed of Trust — Release, each serving a specific purpose: 1. Full Re conveyance: This type of release is used when the borrower has fully paid off the loan. The lender acknowledges that the debt has been satisfied and releases their lien on the property. 2. Partial Re conveyance: In some cases, the homeowner may pay off a portion of the loan while keeping the remaining amount intact. A partial reconveyance would be executed to release the lender's lien on the portion of the property covered by the partial payment. 3. Substitution of Trustee: If the lender decides to change the trustee named in the original deed of trust, a substitution of trustee release would be used. This document identifies the new trustee and releases the previous trustee from their responsibilities. 4. Deed of Re conveyance: When the borrower has fully paid off the loan, but the lender fails to issue a reconveyance, the borrower can request a deed of reconveyance. This document acts as proof that the loan has been satisfied and releases the lender's lien. It is important to note that a Phoenix Arizona Deed of Trust — Release must be recorded with the county recorder's office where the property is located to ensure its validity and clarity of title. It is recommended to seek legal advice or consult a title company to properly execute and record this important document.

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Phoenix Arizona Deed of Trust - Release