Real Estate Terms Dictionary
Satisfaction of Mortgage
Definition of 'Satisfaction of Mortgage'
A satisfaction of mortgage is a legal document indicating that a mortgage loan has been paid in full and all the adjacent obligations have been fulfilled. As a result, the lien attached to the property was removed.
What is a satisfaction of mortgage document:
It should be noted, however, that paying the mortgage loan in full and removing the lien officially recorded on the mortgage contract does not clear the title of all liens. In other words, if there are any more liens attached to the property (such as tax liens), they will not be lifted.
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.