Escrow & Title
In Georgia, which instrument is used at closing to clear a Security Deed from the title after the loan is paid off?
AA. Satisfaction of mortgage
BB. Release deed or cancellation of security deed✓ Correct
CC. Deed of trust reconveyance
DD. Quitclaim deed from the lender
Explanation
When a Security Deed loan is paid off in Georgia, the lender executes a Cancellation of Security Deed or a Release Deed, which is recorded to clear the lien from the title records.
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Key Terms to Know
Deed of Trust
A security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
LienA financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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