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Recording a satisfaction of mortgage is significant because it officially indicates that the mortgage has been paid off and is no longer a lien on the property. When the lender signs the satisfaction, it is filed in public records, which helps maintain an accurate chain of title during title searches. This process is critical since public record books do not remove documents; instead, they add new ones to reflect changes. Obtaining and retaining the promissory note after paying off the mortgage is also essential, as it is considered a negotiable instrument. Overall, recording the satisfaction confirms full payment of the debt and protects the property owner's interests.
