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2002 SESSION

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HB 302 Release of deed of trust or other lien.

Introduced by: Robert F. McDonnell | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Release of deed of trust or other lien. Authorizes a settlement agent who has paid the obligation secured by a mortgage or deed of trust to release the lien by executing and filing a certificate of satisfaction. This procedure is available only if the settlement agent has delivered a notice of intent to release the mortgage and a copy of the payoff letter to the lien creditor and the lien creditor does not within 90 days notify the settlement agent that (i) another release has been recorded, (ii) the obligation secured by the mortgage has not been paid, or (iii) the lien creditor otherwise objects to the release of the mortgage. This optional procedure applies only to transactions involving not more than four residential dwelling units. The bill also clarifies that a release of a deed of trust may be delivered by courier.


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