satisfaction of mortgage

satisfaction of mortgage
1) Payment in full on a mortgage.
2) The document a mortgage holder signs to indicate that a mortgage has been fully paid and the mortgage lien has been released.
Category: Real Estate & Rental Property → Buying a House
Category: Real Estate & Rental Property → Selling a House

Nolo’s Plain-English Law Dictionary. . 2009.

satisfaction of mortgage
n.
   a document signed by a lender acknowledging that a mortgage has been fully paid. It must be recorded with the County Recorder (or Recorder of Deeds) to clear the title to the real property owned by the person who paid off the debt.
   See also: mortgage

Law dictionary. . 2013.

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  • satisfaction — sat·is·fac·tion n 1 a: the act or fact of satisfying b: execution of an accord by performance of the substituted obligation often used in the phrase accord and satisfaction compare accord 3, transaction 3 c …   Law dictionary

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  • Mortgage belt — The Mortgage belt is a term used in Australian politics to signify residential suburbs which have a high concentration of families mortgaging their homes. Often the belt covers areas where homes could be considered more affordable yet the cost of …   Wikipedia

  • satisfaction piece — noun : a formal written acknowledgment by the holder of a mortgage or judgment of its satisfaction with an authorization for its discharge of record …   Useful english dictionary

  • Welsh mortgage — Welsh Welsh, a. [AS. w[ae]lisc, welisc, from wealh a stranger, foreigner, not of Saxon origin, a Welshman, a Celt, Gael; akin to OHG. walh, whence G. w[ a]lsch or welsch, Celtic, Welsh, Italian, French, Foreign, strange, OHG. walhisc; from the… …   The Collaborative International Dictionary of English

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