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What does satisfaction mean in real estate?

A satisfaction of mortgage is a signed document confirming that the borrower has paid off the mortgage in full and that the mortgage is no longer a lien on the property.

What does Released mean in real estate?

A deed of release literally releases the parties to a deal from previous obligations, such as payments under the term of a mortgage because the loan has been paid off. The lender holds the title to real property until the mortgages terms have been satisfied when a deed of release is commonly entered into.

Who gets the satisfaction of mortgage?

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

How do I satisfy my mortgage in Florida?

How Do Florida Mortgage Satisfactions Work? Written acknowledgment. Upon receiving your final payment, the lender must execute and file a written, docHubd document (typically referred to as a release or satisfaction of mortgage) that acknowledges the mortgage is satisfied or paid in full. Notice to the property owner.

What is a satisfaction document?

A Satisfaction of Mortgage, also known as a Mortgage Lien Release, is a legal document provided by the mortgagee (financial institution) advising that the mortgage has been paid in full, all terms of the loan have been satisfied and there will no longer be a lien on the property.

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