Real Estate Terms Dictionary
Partial Release of Mortgage
Definition of 'Partial Release of Mortgage'
A partial release (or satisfaction) of mortgage is a provision included in the mortgage document that allows the borrower to exclude some of the collateral from the mortgage contract. Not all mortgage loan contracts include this provision.
What is a Partial Release of Mortgage:
A partial release of mortgage can take place upon a partial satisfaction of the mortgage loan. The document includes a description of the part of the real estate that was released from the mortgage loan
Property owners can contact their lender in order to establish a release schedule. The schedule shows which parts of the loan must be paid in order for certain parts of the property to be released of mortgage. Every application for partial release of mortgage carries certain fees with it, which may not be refundable if the request is denied. The fees are paid by the borrower.
Here's a real-life example from one of the properties researched on PropertyShark:
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.