Most states have statutes that provide that a mortgage or deed of trust may be partially discharged or released 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.
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.
The Dallas Texas Partial Release or Satisfaction of Mortgage by a Corporation is a legal document that serves to release a portion of a property from a mortgage held by a corporation in Dallas, Texas. This type of release is typically requested when the borrower wants to sell a portion of the property or use it for another purpose, while still retaining a mortgage on the remaining portion. When a borrower obtains a mortgage loan from a corporation to purchase a property, the mortgage is a legal security interest in the property, ensuring repayment of the loan. However, when the borrower wants to sell or modify the property, a partial release or satisfaction of mortgage becomes necessary. There are different types of Dallas Texas Partial Release or Satisfaction of Mortgage by a Corporation, including: 1. Partial Release of a Subdivision or Lot: This type of release is applicable when a subdivision or lot within a larger property needs to be released and the mortgage lien removed only from that specific portion. This release allows the borrower to sell or mortgage the released portion while the mortgage remains on the remaining portion of the property. 2. Partial Satisfaction for a Commercial Property: In cases where a corporation owns multiple properties or subdivides a large commercial property into smaller units, a partial satisfaction of mortgage might be required. This allows the corporation to release the mortgage lien on one or more specific units within the property while continuing the mortgage on others. 3. Partial Satisfaction for a Residential Property: Similar to commercial properties, homeowners might require a partial satisfaction of their mortgage in situations where they want to sell a portion of their land or subdivide their property for personal or investment purposes. This release enables the homeowner to transfer ownership of the released portion while maintaining the mortgage on the remaining part. To initiate the process of obtaining a Dallas Texas Partial Release or Satisfaction of Mortgage by a Corporation, the borrower must consult with their lender or mortgage corporation. They will typically need to provide documentation such as a survey or subdivision plan, deed, and any other relevant property records. The lender will then evaluate the request and, if approved, release the mortgage lien on the specified portion of the property. It is important to note that each mortgage corporation may have specific procedures and requirements for a partial release or satisfaction of mortgage. Therefore, it is advisable to consult with legal professionals experienced in real estate law to ensure compliance with existing regulations and to facilitate a smooth and accurate process.
