Most states have statutes that provide that a mortgage or deed of trust may be discharged in the county land records by the recorder of deeds. Generally these statutes proved that a certificate must be filed with said recorder and executed by the mortgagee or on its behalf and acknowledged as prescribed by law. The certificate must specify that the mortgage has been paid or otherwise satisfied or discharged, and should make a reference to the book and page containing the original mortgage or deed of trust.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Franklin Ohio Satisfaction of Mortgage by a Corporation is a legal document used to indicate that a mortgage loan has been fully paid and satisfied by a corporate borrower in the state of Ohio. This document acts as proof of the successful repayment of the mortgage loan, resulting in the release of the property from the mortgage lien. When a corporation borrows money to purchase a property in Franklin, Ohio, they create a mortgage on that property as collateral for the loan. The mortgage guarantees the lender rights to the property until the loan is repaid in full. Upon the final payment, the corporation can request a Satisfaction of Mortgage by a Corporation, effectively extinguishing the mortgage and transferring the property's ownership exclusively to the corporation. The Satisfaction of Mortgage by a Corporation is an essential step for both the borrower and the lender as it provides legal evidence that the debt has been fulfilled and the property is no longer encumbered by the mortgage. The document includes details such as the names of the borrower and lender, property address, date of the initial mortgage, amount borrowed, and the date of satisfaction. It is important to note that while the general purpose of the Franklin Ohio Satisfaction of Mortgage by a Corporation remains the same, there might be different types based on specific circumstances. Some of these variations may include: 1. Full Satisfaction of Mortgage: This type refers to a mortgage that has been paid in full by the corporation, and all obligations have been met according to the terms of the loan agreement. 2. Partial Satisfaction of Mortgage: In cases where a corporation repays a portion of the loan amount, this type of Satisfaction of Mortgage acknowledges the partial repayment and reduces the outstanding mortgage balance accordingly. 3. Subordination Agreement: This document may be considered a type of Satisfaction of Mortgage by a Corporation as it outlines the corporation's agreement to subordinate their mortgage to another mortgage lien, most commonly to secure a subsequent loan on the same property. 4. Release of Lien: While the Release of Lien is not technically a Satisfaction of Mortgage, it serves a similar purpose by releasing the mortgage lien from the property and indicating that the corporation no longer owes any outstanding mortgage debt. Completing the Franklin Ohio Satisfaction of Mortgage by a Corporation is crucial in maintaining a clear and marketable title on the property owned by the corporation. It allows the property to be freely sold or mortgaged without any encumbrances related to the previous mortgage.Franklin Ohio Satisfaction of Mortgage by a Corporation is a legal document used to indicate that a mortgage loan has been fully paid and satisfied by a corporate borrower in the state of Ohio. This document acts as proof of the successful repayment of the mortgage loan, resulting in the release of the property from the mortgage lien. When a corporation borrows money to purchase a property in Franklin, Ohio, they create a mortgage on that property as collateral for the loan. The mortgage guarantees the lender rights to the property until the loan is repaid in full. Upon the final payment, the corporation can request a Satisfaction of Mortgage by a Corporation, effectively extinguishing the mortgage and transferring the property's ownership exclusively to the corporation. The Satisfaction of Mortgage by a Corporation is an essential step for both the borrower and the lender as it provides legal evidence that the debt has been fulfilled and the property is no longer encumbered by the mortgage. The document includes details such as the names of the borrower and lender, property address, date of the initial mortgage, amount borrowed, and the date of satisfaction. It is important to note that while the general purpose of the Franklin Ohio Satisfaction of Mortgage by a Corporation remains the same, there might be different types based on specific circumstances. Some of these variations may include: 1. Full Satisfaction of Mortgage: This type refers to a mortgage that has been paid in full by the corporation, and all obligations have been met according to the terms of the loan agreement. 2. Partial Satisfaction of Mortgage: In cases where a corporation repays a portion of the loan amount, this type of Satisfaction of Mortgage acknowledges the partial repayment and reduces the outstanding mortgage balance accordingly. 3. Subordination Agreement: This document may be considered a type of Satisfaction of Mortgage by a Corporation as it outlines the corporation's agreement to subordinate their mortgage to another mortgage lien, most commonly to secure a subsequent loan on the same property. 4. Release of Lien: While the Release of Lien is not technically a Satisfaction of Mortgage, it serves a similar purpose by releasing the mortgage lien from the property and indicating that the corporation no longer owes any outstanding mortgage debt. Completing the Franklin Ohio Satisfaction of Mortgage by a Corporation is crucial in maintaining a clear and marketable title on the property owned by the corporation. It allows the property to be freely sold or mortgaged without any encumbrances related to the previous mortgage.
