Deeds are legal documents that are used for different legal transactions, specifically those that are related to property transfers and the likes. These documents need to be signed, sealed, and delivered to the person or entity to whom the document is transferred. The use of deeds is commonplace in real estate businesses in transferring legal rights of a property after its full payment has been fulfilled. An example of such deed is a deed of discharge, which is also known as a deed of release.
A deed of discharge or deed of release may be used for the same purpose but their contents may vary depending on what the parties involved have agreed on regarding the transfer of a property. Different samples of a deed of discharge show proof of their differences in contents and in appearance. You can download deed of discharge samples here if you need to and check out useful information about them below. You may also see sample deed of gift forms.
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What Is a Deed of Discharge?
A deed of discharge is more popularly known as a deed of release. This document is used to release parties who are bound in a contract or agreement from their share of obligations that are stated in a contract or agreement. In the real estate setting, the deed is used to finally transfer the rights or the ownership of a property to the person or buyer of the said property after they had made full payment to the property. That being said, the buyer is released from their obligation of paying for the mortgage because it has been paid in full. You may also like deed of release forms.
A deed of discharge or release is also applicable in the office setting or workplace. There are instances when companies issue this document when any of their employees leaves the company or resign from their position in the company. This is done based on the company’s discretion and may not be practiced by all companies. Other related topics you may be interested in are release agreements, property damage release forms, and general liability release forms.
What Is a Mortgage Discharge Letter?
A mortgage discharge letter is sent to a mortgage borrower after they have cleared their debt or paid off their outstanding balance from the mortgage lender or any lending institution where they borrowed money to finance the property that they have purchased. The borrower may send a request to their mortgage lender to send them a mortgage discharge letter before it is actually sent to them. The letter sent by the lender will include details such as the amount paid in full by the borrower and a statement that officially releases the borrower from their debt obligation. Since a lien on a property is also required in mortgages, a mortgage discharge letter also states the removal of the lien on the property that has been financed. You may also see quitclaim deed forms.
Aside from the borrower, copies of the letter should also be sent to other parties who are involved in the transaction. They are the settlement agent or real estate agent, closing attorney, and others.
We have topics that focus on mortgages and also provide useful samples and templates. If it is all about mortgages that you need to know, then you can check them out on our website. To name a few titles are Mortgage Deed Samples & Templates, Mortgage Agreement Contract Samples & Templates, and Sample Mortgage Release Forms.
What Are the Common Types of Deeds?
The most commonly used type of deeds are general warranty deeds, special warranty deeds, and quitclaim deeds. These three types are defined below.
1. General Warranty Deeds
Just like in many agreements and contracts, there are also two parties involved in deeds. In a general warranty deed, the parties involved are the seller and the buyer, often referred to as the grantor and the grantee. The deed provides a form of guarantee that the property they are selling has no defect of any form, it has a clear title, and the seller has all the rights to sell the said property or item. A general warranty deed is also the most common warranty deed that any buyer or home buyer will encounter.
2. Special Warranty Deeds
A special warranty deed protects the seller more than the buyer, as opposed to general warranty deeds where the same protection is given to both the buyer and the seller from claims coming from anyone. In this type of deed, the seller promises to protect the property only when the claims made are related to their past actions and only lasts while the seller still owns the property. You may also see sample deed of trust forms.
3. Quit Claim Deed
A quit claim deed is used to transfer the seller’s interest on a property to another individual or entity known as the grantee. Any rights and claims that the owner holds about the said property will be terminated so that the transfer of these rights and claims can be completed or done. Quit claim deeds are often used in transferring the rights and claims of a property among family members or as gifts and not really as something sold to another. This is because there are no warranties offered in this type of deed and there are no means of recovering from any losses that may take place.
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What Are the Advantages of Deed of Discharge Templates?
Have you ever used a deed of discharge template before? If you haven’t, then you probably don’t know the wonderful things that it can do for you and how it can help you with your tasks. To help you understand more about deed of discharge templates, we have here enumerated a list of its advantages. You may also see general warranty deed samples.
1. Deed of discharge templates allow one to create and produce the document quickly and conveniently. This is because you no longer have to start writing it from scratch as the main content of the document has been provided to you. You may also like quit claim deed pdf samples.
2. It saves you time. All you need to do with the template is read the details, add or remove what you must in the document, and fill in the required information to have it completed. No need to do the tedious task of writing the entire document. You may also check out deed of assignment samples.
3. Templates for a deed of discharge are abundant online so you won’t have to worry about not being able to find one that you need to use.
4. The contents or details are sure to be accurate and useful.
5. It follows certain deed writing guidelines to ensure that the formatting is done accordingly.
6. Templates are always created in file types that are accessible and easy to edit so that anyone can use it easily and hassle-free. You might be interested in mortgage deed samples & templates.
7. Samples can also be used as one’s template in making one’s own deed of discharge.
8. If you really want to make one from scratch, then you can still use the templates as your reference to guide you on what to write on your deed of discharge, as well as how to arrange the details and other formatting-related things. You may also see sample quick claim deed forms.
Now that you know what a deed of discharge template can offer you, you will surely think of using one when you need to. This is not the only template that you will find useful. We have an assortment of samples and templates on other related topics that you may also find useful. If you check out our website, you will be able to find topics like deed of assignment samples and sample quick deed forms.
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