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What is a partial discharge? A partial discharge occurs when you have more than one property securing your home loan facility and you want to release or sell one or more, leaving the facility open.
A partial release allows the release of a portion of the collateral from a mortgage after the borrower has paid down a certain amount of the loan. Lenders require proof of payment, a survey map, an appraisal, and a letter outlining the reason for the partial release.
Its understood that a partial release is needed when splitting land and selling a portion while keeping the mortgage, but in this case we want to close out the mortgage so to speak and pay it off completely with the proceeds from the sale.
A partial release letter is typically given by a lender to a borrower after the borrower fulfils certain conditions under a secured loan agreement. This standard document has integrated notes with important explanations and drafting and negotiating tips.
Lenders require proof of payment, a survey map, an appraisal, and a letter outlining the reason for the partial release. Borrowers may need to pay fees to the lender and the county recorders office.

People also ask

The Grantor is the seller (on deeds), or borrower (on mortgages). The Grantor is usually the one who signed the document.
The Definition Of Grantor And Grantee Mortgage agreements: The lender (grantor) provides funds, and the borrower (grantee) receives them. Trusts: The trust creator (grantor) transfers assets to a beneficiary (grantee).
Partial Release Clause is a provision under which the mortgagee agrees to release certain parcels from the lien of the blanket mortgage upon payment of a certain sum of money by the mortgagor.

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