Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

satisfaction of mortgage

Read a random definition: employee-stock-ownership plan

A quick definition of satisfaction of mortgage:

A satisfaction of mortgage is a paper that shows the borrower has paid back the whole mortgage, which means they own the property without any debt. The paper has information about the loan, how the lender is no longer allowed to claim the property, and what needs to happen to transfer the property title. The lender has to make this paper and everyone involved in the loan and property has to sign it.

A more thorough explanation:

Definition: A satisfaction of mortgage is a legal document that proves the borrower has paid off their mortgage in full. This document releases the lender's lien on the property and gives the title to the borrower. It includes details about the mortgage loan, conditions that relieve the lender from a lien against the property, and the steps needed to transfer the property title.

For example, if you take out a mortgage to buy a house, you will sign a contract with the lender. This contract gives the lender a lien on the property, which means they have the right to take possession of the property if you fail to make your mortgage payments. Once you have paid off your mortgage, the lender will prepare a satisfaction of mortgage document that proves you have fulfilled your obligation and that the lien on the property has been released.

Another example is if you sell your house and use the proceeds to pay off your mortgage. In this case, you will need a satisfaction of mortgage document to prove to the buyer that the property is free and clear of any liens.

Overall, a satisfaction of mortgage is an important legal document that proves you have fulfilled your obligation to the lender and that you now have full ownership of your property.

Satisfaction of judgment | Save harmless

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
there should be a law school draft akin to the NFL Draft where law schools can recruit us
or a MaxPreps esque high light video where Deans can rank us
1a2b3c4d26z
11:15
In this analogy is the LSAT the NFL combine
JumpySubsequentDolphin
11:16
I told my family I won’t get any decisions until 2025 so they wouldn’t bombard me hahah
no i think there should be a Law School combine with all new drills except there is still the 40 yard dash
and a sub 4.5 gets you into any t14
LSAT can be one of the drills
letsseehowitgoesnow
11:17
so washu only called one person
So all the D1 athletes will get into a T-14. What else is new?
@TheAdoptedOne: that is called "Dean Poker Night" lol
@ClockworkBlue: I feel like most people could train for the 40 for the same amount of time as they do the LSAT and get close to sub 5 which would be equivalent to a 167+
this is like the schizophrenic posts JJK tik tok be putting out
powerscaling Law School deans up next
11:19
Election Day election day
Write in Dean Z vote
11:20
Saw a guy that wrote in Biden and he said no retirement for you buddy
1a2b3c4d26z
11:20
@ClockworkBlue: god I hope that's true
if the country was run the same as Mich Law it would be a better place
Imagine if election night was run by an adcom? Like, "yep, we could get the results Friday, or June 2025."
imagine if it was like Berkley applications
1a2b3c4d26z
11:22
Election status: Complete
1a2b3c4d26z
11:22
For months
triplethread
11:23
erection day
soapy
11:23
Shoutout to Robinhood's election bet not resolving until January
triplethread
11:23
is anyone else like certain that trump will win
ambitiouslizard
11:23
he aint winning
triplethread
11:23
i like being a pessimist
ambitiouslizard
11:24
he lost his re-election, why would he win this one?
1a2b3c4d26z
11:25
I have no idea why people have so much beef w berkeley's app
LSD+ is ad-free, with DMs, discounts, case briefs & more.