Escrow & Title
In Pennsylvania, a 'release deed' or 'satisfaction of mortgage' is recorded when:
AThe property is refinanced
BA mortgage loan is paid in full and the lender officially releases the lien✓ Correct
CThe property is transferred to a new owner
DPREC certifies the loan was properly originated
Explanation
A satisfaction of mortgage (or release deed) is recorded by the lender in the county recorder of deeds office after the mortgage is paid in full. Pennsylvania law requires lenders to record the satisfaction within a specified period after payoff.
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Key Terms to Know
Deed
A 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.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
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