| 释义 |
satisfaction of mortgage
satisfaction of mortgagen. a document signed by a lender acknowledging that a mortgage has been fully paid. It must be recorded with the County Recorder (or Recorder of Deeds) to clear the title to the real property owned by the person who paid off the debt. (See: mortgage) satisfaction of mortgage
satisfaction of mortgageThe process of making a notation in the public records that a mortgage debt has been paid in full and is no longer a lien upon the described real estate.When paying off a loan, one should make sure the lender records the satisfaction information. Failure to do so could result in later title problems for the owner as he or she attempts to hurriedly obtain the satisfaction in time for a closing.It can also subject the lender to a cause of action for slander of title. |