Oakland County, Michigan, is a vibrant and populous region located in the southeastern part of the state. Known for its diverse communities and strong economic growth, Oakland County is home to a range of industries and attractions. In the context of real estate transactions, including mortgages and deeds of trust, a partial release can be a significant event for both granter and grantee. A partial release of a mortgage or deed of trust on a mineral or royalty interest in Oakland County refers to a legal document that releases a portion of the property from the existing mortgage or deed of trust. This release is typically granted when the granter, who owns the mineral or royalty interest, sells a portion of it to another party, known as the grantee. Keywords: Oakland County, Michigan, partial release, mortgage, deed of trust, mineral interest, royalty interest, grantee, granter. Different types of partial releases in Oakland County, Michigan, on a mineral or royalty interest sold by the granter can vary based on the specific terms and conditions outlined in the original mortgage or deed of trust. Some common types of partial releases include: 1. Percentage-based Partial Release: In this type of release, a specified percentage of the mineral or royalty interest is released from the mortgage or deed of trust. For example, if the granter sells 50% of their mineral interest, a partial release will be executed for that portion. 2. Acreage-based Partial Release: This type of release is based on the exact acreage or parcel of land included in the mineral or royalty interest being sold. The release document will outline the specific boundaries of the released portion. 3. Cash Consideration Partial Release: When a granter sells a portion of their mineral or royalty interest in exchange for a cash consideration, this type of partial release may be used. The release document will detail the specific terms of the sale, including the amount of cash consideration and the portion of the interest being released. 4. Time-based Partial Release: In some cases, a granter may sell a portion of their mineral or royalty interest for a specific period. A time-based partial release will release the interest for the agreed-upon duration outlined in the sale agreement. It is important to note that the specific terms and conditions of a partial release can vary in each transaction. Parties involved should consult legal professionals to ensure the proper execution of the required documents and compliance with applicable laws in Oakland County, Michigan.
Oakland Michigan Partial Release of Mortgage / Deed of Trust on A Mineral / Royalty Interest Sold by Grantor
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