Finance
Under New York law, a 'satisfaction of mortgage' must be filed within how many days after the mortgage is paid off?
A15 days
B30 days✓ Correct
C45 days
D90 days
Explanation
Under New York Real Property Law section 275, when a mortgage is fully paid, the mortgagee (lender) must deliver a satisfaction or discharge of mortgage to the mortgagor (borrower) within 30 days. The document should then be recorded to clear the lien from the public record.
Related New York Finance Questions
- A New York buyer obtains a $650,000 mortgage. The mortgage recording tax is 1.8% (a typical NYC rate for loans over $500,000). How much mortgage recording tax must the borrower pay?
- In New York, the mortgage recording tax is paid by the:
- Which of the following best describes 'amortization'?
- The New York State Real Property Transfer Tax rate is:
- Seller concessions in a real estate transaction refer to:
- What is a 'lock-in' or rate lock in mortgage lending?
- A 'jumbo loan' in New York is a mortgage that:
- The Closing Disclosure (CD) under TRID must be provided to the borrower at least how many business days before closing?
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 →