A Partial Mortgage Release Agreement becomes necessary when a property owner wishes to sell or otherwise dispose of a portion of mortgaged property while retaining the remainder under the existing mortgage. This document is commonly used in situations involving property subdivision, partial sales, or easement grants. The agreement must comply with U.S. federal regulations including TILA and RESPA, as well as state-specific property laws. It typically includes detailed property descriptions, release terms, and confirmation of continuing obligations under the original mortgage.
Partial Mortgage Release Agreement for the United States
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Key Requirements PROMPT example:
Partial Mortgage Release Agreement
"I need a Partial Mortgage Release Agreement to release a 2-acre portion of my 10-acre mortgaged property in Texas, which I plan to sell to a developer in March 2025, while maintaining the existing mortgage on the remaining 8 acres."
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1. Parties: Identification of lender, borrower, and any other relevant parties
2. Background: Details of original mortgage and reason for partial release
3. Definitions: Key terms used throughout the agreement
4. Property Description: Legal description of both retained and released portions of property
5. Release Terms: Specific terms and conditions of the partial release
6. Consideration: Any payment or consideration for the partial release
7. Remaining Obligations: Confirmation of continuing obligations under original mortgage
1. Insurance Requirements: Modified insurance requirements for remaining property - include when insurance requirements need modification due to release
2. Environmental Provisions: Environmental warranties and indemnities - include when environmental concerns exist for released portion
3. Future Development Rights: Rights regarding development of released portion - include when released portion may affect remaining property development
1. Schedule A - Property Description: Detailed legal description of property being released
2. Schedule B - Retained Property Description: Detailed legal description of property remaining under mortgage
3. Schedule C - Survey/Plat: Survey or plat showing division of property
4. Appendix 1 - Original Mortgage: Copy of original mortgage document
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