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Free Satisfaction of Mortgage

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Satisfaction of Mortgage

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Virginia
Frequently Asked Questions

How is a Deed of Reconveyance different from a Satisfaction of Mortgage?A Deed of Reconveyance is a document which transfers title in the property back to the borrower from the Trustee and it is used to acknowledge that the borrower has fully paid what he or she owed under a Deed of Trust. A Satisfaction of Mortgage is used to acknowledge the same as a Mortgage agreement.

A Satisfaction of Mortgage is a document signed by a Mortgagee acknowledging that a Mortgage has been fully paid and that the Mortgage is no longer a lien on the property. In order to clear the title to the real property owned by the Mortgagor, the Satisfaction of Mortgage document must be recorded with the County Recorder or Recorder of Deeds. If the Mortgagee fails to record a satisfaction within the set time limits, the Mortgagee may be responsible for damages set out by statute.

In essence, the Deed of Reconveyance and Satisfaction of Mortgage both serve the same function, which is to show that the borrower has repaid the loan fully and that the lender has no further interest in the property.
Which states use a Deed of Reconveyance and which states use a Mortgage Satisfaction?The following states use a Mortgage Satisfaction: Connecticut, Delaware, Florida, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Pennsylvania, and South Carolina.

The following states must use a Deed of Reconveyance: Idaho and Washington, D.C.

The following states may use either Mortgage Satisfaction or Deed of Reconveyance: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Georgia, Hawaii, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New York, North Carolina, Oklahoma, Oregon, Rhode Island, South Dakota, Tennessee, Texas, Utah, Vermont, Washington, West Virginia, Wisconsin, and Wyoming.

Your Satisfaction of Mortgage

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This document prepared by (and after recording returned to):
Name: __________
Firm/Company:__________
Address: __________
Phone: __________
Assessor's Property Tax Parcel/Account Number: __________

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Above this line reserved for official use only

SATISFACTION OF MORTGAGE

_________________________ of _________________________ (the "Mortgagee"), does hereby certify and declare that the owner and holder of that certain mortgage bearing the date December 17, 2017 executed by _________________________ of _________________________ (the "Mortgagor") to secure payment of the principal sum of $0.00 dollars and interest, and recorded at the Office of the Register of Deeds of __________, Virginia on December 17, 2017, that formerly encumbered the described real property: ___________________________________________________________________________________________________________________________ which was recorded in ___________________________________________________________________________________________________________________________ has been FULLY SATISFIED AND DISCHARGED.

IN WITNESS WEREOF the Mortgagee has duly affixed his signature under hand and seal on the 17th day of December, 2017.

SIGNED, SEALED, AND DELIVERED
in the presence of:


______________________________
WITNESS:


_______________________
_________________________


NOTARY ACKNOWLEDGMENT


COMMONWEALTH OF VIRGINIA

COUNTY OF ____________________

The foregoing instrument was acknowledged before me this 17th day of December, 2017, by _________________________.



________________________________
Notary Public

My commission expires: _____________

Satisfaction of Mortgage

What is a Satisfaction of Mortgage?

A Satisfaction of Mortgage, sometimes called a release of mortgage, is a document that acknowledges that the terms of a Mortgage Agreement have been satisfied, meaning that a borrower has repaid their mortgage loan to the lender.

Consequently, the lien on the borrower's property (placed for security for the loan) will be lifted once the Satisfaction of Mortgage document is filed.

Who are the parties in a Satisfaction of Mortgage?

The parties mentioned in a Satisfaction of Mortgage are the same as the parties in a Mortgage Agreement.

The mortgagor is the person who borrowed money from a lender to pay for a home and pledged that home as security for the loan.

The mortgagee is the person or corporation that lent the money to the mortgagor to pay for their home.

How do you get a Satisfaction of Mortgage?

A Satisfaction of Mortgage is issued by the lender after they have received the final mortgage payment from the borrower. It's signed by the mortgagee (in the presence of a witness in some states and counties) and then notarized by a registered notary public.

Once the document has been notarized, it can be delivered to the mortgagor, and they file it with the County Clerk's Office (sometimes called the County Recorder's Office or Land Registry Office) to acknowledge that the mortgage is no longer a lien on the property.

What's the difference between a Satisfaction of Mortgage and a Deed of Reconveyance?

A Satisfaction of Mortgage and a Deed of Reconveyance are essentially the same thing. Where a Deed of Reconveyance is used to transfer a property title from a Trustee to a Trustor once the Trustor has paid what they owed under a Deed of Trust agreement, a Satisfaction of Mortgage does the same thing but with a loan created through a Mortgage Agreement.

Some states, like Idaho and D.C., require the use of a Deed of Reconveyance, some states require the use of a Satisfaction of Mortgage, and some states can use either. Be sure to check which document is appropriate for your state and ensure you are using a Satisfaction of Mortgage with a Mortgage Agreement or a Deed of Reconveyance with a Deed of Trust.

Related Documents:

  • Deed of Reconveyance: a document that transfers the title of real property from a trustee to a trustor after the trustor has paid off their property loan
  • Deed of Trust: a document that transfers the title of real property to a trustee as security for a loan
  • Mortgage Agreement: an agreement that's used to secure a loan for the purchase of real estate
  • Promissory Note: an enforceable promise that a borrower will pay back a lender
  • Real Estate Purchase Agreement: an agreement that details the purchase and sale of real estate

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