Chicago Illinois Partial Release of Mortgage / Deed of Trust

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• City: Chicago
• Control #: US-OG-128
• Format: Word; Rich Text

Description

This form provides for a partial release of a mortgage/deed of trust on lands. A Partial Release of Mortgage, also known as a Partial Release of Deed of Trust, is a legal document used in Chicago, Illinois to release a specific portion of a property from a mortgage or deed of trust. This process allows the property owner to sell, transfer, or refinance a portion of their property while still keeping a mortgage or deed of trust on the remaining portion. In Chicago, Illinois, there are two common types of Partial Release of Mortgage / Deed of Trust: 1. Partial Release of Mortgage: This type of release allows a property owner to release a specific portion of their property from a mortgage while retaining the mortgage on the remaining portion. It is often used when the property owner wants to sell or transfer a part of the property but still wants to maintain a mortgage on the rest. The released portion is typically described by metes and bounds, a legal description, or references to official documents such as plats or surveys. 2. Partial Release of Deed of Trust: A Deed of Trust is commonly used in Illinois instead of a traditional mortgage. Similar to a Partial Release of Mortgage, this type of release allows a property owner to release a specific portion of their property from a deed of trust while retaining the deed of trust on the remaining portion. The process and requirements for a Partial Release of Deed of Trust are similar to that of a Partial Release of Mortgage. When applying for a Partial Release of Mortgage or Deed of Trust in Chicago, Illinois, it is essential to follow specific guidelines and procedures established by local laws and regulations. Generally, the property owner must submit a written request to the mortgage or deed of trust holder, providing detailed information about the portion of the property they wish to release. This request should include the legal description of the released portion, justification for the release, and any supporting documentation such as an accurate survey or an updated plat. Upon receiving the request, the mortgage or deed of trust holder will review the application and determine if the release aligns with their policies and procedures. If approved, a Partial Release document will be prepared and recorded with the appropriate county recorder's office in Chicago. This document legally releases the specified portion of the property from the mortgage or deed of trust, allowing the property owner to take necessary actions without interference. It is crucial for property owners seeking a Partial Release of Mortgage / Deed of Trust in Chicago, Illinois, to consult with a real estate attorney or experienced professional to ensure compliance with local regulations and to address any potential legal implications. By following the proper procedures and guidelines, property owners can successfully release a portion of their property, facilitating transactions while still retaining the mortgage or deed of trust on the remaining portions.

A Partial Release of Mortgage, also known as a Partial Release of Deed of Trust, is a legal document used in Chicago, Illinois to release a specific portion of a property from a mortgage or deed of trust. This process allows the property owner to sell, transfer, or refinance a portion of their property while still keeping a mortgage or deed of trust on the remaining portion. In Chicago, Illinois, there are two common types of Partial Release of Mortgage / Deed of Trust: 1. Partial Release of Mortgage: This type of release allows a property owner to release a specific portion of their property from a mortgage while retaining the mortgage on the remaining portion. It is often used when the property owner wants to sell or transfer a part of the property but still wants to maintain a mortgage on the rest. The released portion is typically described by metes and bounds, a legal description, or references to official documents such as plats or surveys. 2. Partial Release of Deed of Trust: A Deed of Trust is commonly used in Illinois instead of a traditional mortgage. Similar to a Partial Release of Mortgage, this type of release allows a property owner to release a specific portion of their property from a deed of trust while retaining the deed of trust on the remaining portion. The process and requirements for a Partial Release of Deed of Trust are similar to that of a Partial Release of Mortgage. When applying for a Partial Release of Mortgage or Deed of Trust in Chicago, Illinois, it is essential to follow specific guidelines and procedures established by local laws and regulations. Generally, the property owner must submit a written request to the mortgage or deed of trust holder, providing detailed information about the portion of the property they wish to release. This request should include the legal description of the released portion, justification for the release, and any supporting documentation such as an accurate survey or an updated plat. Upon receiving the request, the mortgage or deed of trust holder will review the application and determine if the release aligns with their policies and procedures. If approved, a Partial Release document will be prepared and recorded with the appropriate county recorder's office in Chicago. This document legally releases the specified portion of the property from the mortgage or deed of trust, allowing the property owner to take necessary actions without interference. It is crucial for property owners seeking a Partial Release of Mortgage / Deed of Trust in Chicago, Illinois, to consult with a real estate attorney or experienced professional to ensure compliance with local regulations and to address any potential legal implications. By following the proper procedures and guidelines, property owners can successfully release a portion of their property, facilitating transactions while still retaining the mortgage or deed of trust on the remaining portions.