Escrow & Title
In New York, a 'release of lien' differs from a 'satisfaction of mortgage' in that:
AThey are the same document with different names
BA release of lien is used to release a mechanic's lien or judgment lien; a satisfaction of mortgage is used to discharge a paid-off mortgage✓ Correct
CA release of lien is issued by the court; a satisfaction of mortgage is issued by the title company
DA satisfaction of mortgage applies only to commercial properties
Explanation
A satisfaction of mortgage is the document a lender records to show that a mortgage has been fully paid off and released. A release of lien is the document used to release other types of liens, such as mechanic's liens (filed by contractors under New York Lien Law) or tax liens.
Related New York Escrow & Title Questions
- In New York, a 'deed in lieu of foreclosure' means the borrower:
- Under New York law, a 'notice of pendency' (lis pendens) in a real estate foreclosure action must be filed:
- In New York, a 'title commitment' (or title binder) is a promise by the title company to:
- In New York, when a buyer takes title 'subject to' an existing mortgage (without assuming it), the buyer:
- In New York, the 'New York City Register' is:
- In New York, which of the following best describes a 'purchase money security interest' (PMSI) in the context of co-op financing?
- In New York, a 'subordination, non-disturbance, and attornment agreement' (SNDA) is commonly used in commercial real estate to:
- In New York, the closing of a real estate transaction is typically conducted by:
Practice More New York Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New York Quiz →