We paid off our 20 year mortgage from a private seller and received a release of lien. Does this work the same as a deed?
- 5 months ago
No, it is a release of the lien that is held on the deed, it is not a deed.
- real estate guyLv 75 months ago
No, it's a release of the lien which shows that the loan is paid in full. This should be recorded in the land records. A deed shows ownership, which you should have already had.
If you have these questions, PLEASE talk with a lawyer.
- babyboomer1001Lv 75 months ago
No. They are completely different documents with completely different meanings and they work completely differently.Source(s): Certified Paralegal, with 25+ years' experience & with Real Estate law experience.
- StephenWeinsteinLv 75 months ago
No. Release of lien means that you don't owe on the mortgage, but it doesn't mean that you own the home. For that, you need the deed.
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- SimplytheFACTSLv 75 months ago
- SlumlordLv 75 months ago
No, its not the same thing.
There are 2 different ways this is done. In some states though you had a mortgage you would still have the deed and kept it after you bought the place (mortgage state) and this is all you need; but in other states the deed was held by a 3rd party while you had a mortgage (trust deed state) and would come separately to you (google something like "which states are trust deed states and which states are mortgage states" to figure out which kind of state you live in).
if you live in a "trust deed" state assumedly the deed will still come to you from the 3rd party holding it once they are notified the loan was paid off. The mortgager seems to know what they are doing so its unlikely there will be a problem (and not even clear if you didn't already get the deed).
- realtor.sailorLv 75 months ago
You should have received a deed at closing. Check with the tax assessor to see whose name is on the property. If it's your name just record the release.
- PLv 75 months ago
You would need to file that with the county clerk and get an updated copy of your deed.
- EvaLv 45 months ago
No. That's simply a satisfaction of mortgage. You should have received the deed at the closing. Check your county's real estate records to see how the deed reads. You may need to have a new one drawn up.
- JudyLv 75 months ago
Is it filed at the county courthouse? If not, do it asap.