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Discharge Of Mortgage Form for the United States

Discharge Of Mortgage Form Template for United States

A Discharge of Mortgage Form is a legal document used in the United States that formally releases a lender's security interest in a property after the mortgage has been fully paid. This document must comply with both federal regulations and state-specific requirements for property transactions. Once executed and recorded with the appropriate county office, it serves as official evidence that the property is free from the specified mortgage lien.

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What is a Discharge Of Mortgage Form?

The Discharge Of Mortgage Form is a crucial document in U.S. real estate transactions that becomes necessary when a mortgage has been paid in full or otherwise satisfied. This document officially terminates the lender's legal claim on the property and must be properly recorded to clear the property's title. The form must comply with state-specific requirements and typically includes details of the original mortgage, property description, and formal discharge language. It's essential for property owners to obtain this document to prove their full ownership rights and facilitate future property transactions.

What sections should be included in a Discharge Of Mortgage Form?

1. Document Title and Date: Clear identification of document as Discharge of Mortgage with execution date

2. Parties: Identification of mortgagee (lender) and mortgagor (borrower)

3. Property Description: Legal description of the mortgaged property

4. Original Mortgage Details: Reference to original mortgage including date, recording information

5. Discharge Statement: Formal statement discharging the mortgage

6. Execution Block: Signature blocks with notarization

What sections are optional to include in a Discharge Of Mortgage Form?

1. Consideration Statement: Statement of consideration received, if required by state law

2. Prior Assignments: Reference to any assignments of the mortgage when the mortgage has been assigned to different parties

What schedules should be included in a Discharge Of Mortgage Form?

1. Property Description Exhibit: Detailed legal description of property if too lengthy for main document

2. Original Mortgage Documentation: Copies of original mortgage documents as reference

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

United States

Publisher

Ƶ

Document Type

Mortgage Document

Cost

Free to use
Relevant legal definitions
















Clauses














Industries

Truth in Lending Act (TILA): Federal law that requires lenders to provide standardized disclosures about terms and costs associated with mortgage transactions

Real Estate Settlement Procedures Act (RESPA): Federal law governing real estate settlement processes, including requirements for mortgage discharge procedures

Home Ownership and Equity Protection Act (HOEPA): Federal law providing additional disclosure requirements and protections for certain high-cost mortgage transactions

State Property Laws: State-specific laws governing real property transactions and requirements for mortgage satisfactions

State Recording Requirements: State-specific rules for how mortgage discharge documents must be recorded and filed

State Mortgage Satisfaction Statutes: State-specific laws governing the time frame and process for mortgage satisfaction and discharge

State Notarization Requirements: State-specific rules for proper notarization of mortgage discharge documents

UCC Article 3: Uniform Commercial Code provisions governing negotiable instruments, which may affect mortgage note discharge

UCC Article 9: Uniform Commercial Code provisions governing secured transactions, including mortgage security interests

County Recording Office Requirements: Local specifications for document format, margins, and other technical requirements for recording

Local Filing Requirements: County-specific rules for filing fees, document preparation, and processing times

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