Nowadays, people usually take a mortgage when purchasing properties. The full right to use the properties comes only after paying the debt and signing a mortgage lien release form (or satisfaction of mortgage form).
The release of liability form is proof of payment completion from the financial institution (or individual) that lent the money. It cancels the mortgage and reveals the details about:
The form usually includes information about the exact Book and Page of the Public Records of the county where the details about the payment completion are written.
The parties mentioned in the mortgage lien release form include the “mortgagee” (the institution or person who has given the money) and the “mortgagor” (the one who is paying the debt). To ensure the validity of the mortgage lien release form, a notary should sign the paper along with the financial institution representative (or individual who lent the money).
You need the mortgage lien release form if you have paid all your debts tied to the mortgage.
The form will prove this fact and let you own the premises fully. It is vital to create such a paper and store it in your records to avoid any kind of fraud or claim from the financial institution (or individual) that lent the money.
Sometimes it is not easy to complete legal forms in the United States correctly. Although the mortgage lien release form (or satisfaction of mortgage form) is brief and usually created by a financial institution, we have provided the steps to complete it to check that everything is correct.
1. Download the Mortgage Lien Release Form Template
The completion of the form begins with obtaining the relevant template. Our form-building software lets you download any template you need quickly and effortlessly.
2. Leave the Blank Line at the Top
At the top of the form template, you will see a long blank line. You should not fill it out because this line is left for the local registering office where you will submit the paper.
3. Add the Name of the Mortgagor
In the first blank line of the text, insert the mortgagor’s name, or the one who has paid the debt.
4. Add the Name of the Mortgagee
After the borrower’s name, write the lender’s name (either a person or an entity that lent the money).
5. Indicate the Amount in US Dollars
You should then indicate the sum paid by the borrower in US dollars, both in numbers and words.
6. Write the Date of Payment Completion
After adding the sum, write the date when the payment was completed.
7. Insert the Date of Signing
Write the date when the form is signed.
8. Sign the Mortgage Lien Release Form
Usually, the mortgage lien release form should be signed only by the mortgagee. So, after inserting the date of signing, the financial institution representative or the individual who lent the money should append their signature.
9. Ask a Notary to Verify the Form
It is mandatory to notarize the mortgage lien release form. Ask a notary to verify the document and put a seal (if applicable).