Covington County Full Release of Memorandum of Contract Form

Additional Mississippi and Covington County documents included at no extra charge:

Where to Record Your Documents

---

Cities and Jurisdictions in Covington County

Properties in any of these areas use Covington County forms:

• Collins
• Mount Olive
• Seminary

---

Use this form to release a Memorandum of Contract when satisfied.

Common Reasons to Release a Memorandum of Contract:
1. Clear Title to the Property
The Memorandum of Contract acts as a public notice that the buyer and seller are in an ongoing contractual relationship regarding the property, which can cloud the title. Once the contract for deed is satisfied, the buyer becomes the full owner of the property, and the memorandum no longer serves a purpose. If it is not released, it may appear as an unresolved encumbrance, which can complicate the buyer’s ability to prove clear title or transfer the property in the future.

2. Facilitates Future Transactions
A property with a clouded title (due to the unreleased memorandum) can cause issues when the buyer wants to:
Sell the property.
Refinance the property.
Use the property as collateral for a loan.

Title companies often refuse to issue title insurance for a property if a recorded memorandum remains on file, which could hinder or prevent future transactions.

3. Removes Legal Encumbrances
An unreleased memorandum could be interpreted as an ongoing interest or claim on the property by the seller. This can create legal complications, leading to potential disputes or litigation, especially if the seller or third parties assert a claim on the property based on the unreleased memorandum. Releasing the memorandum removes this potential legal encumbrance.

4. Compliance with Recording Laws
Mississippi statutes, like Mississippi Code § 89-5-19, require the release of recorded instruments once they have been satisfied. Failure to do so may violate these statutory obligations and could subject the parties (usually the seller) to penalties or legal consequences. Properly recording the release ensures compliance with state law.

5. Prevents Misunderstandings or Fraud
Leaving a recorded memorandum in place may cause confusion or even fraud in the future, especially if third parties mistakenly believe that the contract is still active. This can lead to misunderstandings, disputes, or fraudulent claims of ownership. By releasing the memorandum, the public record clearly shows that the contract has been concluded.

6. Buyer’s Right to Clear Ownership
Upon satisfaction of the contract for deed, the buyer has the right to full and unencumbered ownership of the property. Releasing the memorandum ensures that there is no record of the seller having an ongoing claim or interest, affirming the buyer’s rightful ownership.

Important: Your property must be located in Covington County to use these forms. Documents should be recorded at the office below.

This Full Release of Memorandum of Contract meets all recording requirements specific to Covington County.

Our Promise

The documents you receive here are guaranteed to meet or exceed the applicable Covington County recording format requirements. If there is a rejection caused by our formatting, we will correct the issue or refund your payment. This guarantee applies to document formatting only and does not extend to information entered by the user, the selection of the form, or the legal effect of the completed document.

Save Time and Money

Get your Covington County Full Release of Memorandum of Contract form done right the first time with Deeds.com Uniform Conveyancing Blanks. At Deeds.com, we understand that your time and money are valuable resources, and we don't want you to face a penalty fee or rejection imposed by a county recorder for submitting nonstandard documents. We constantly review and update our forms to meet rapidly changing state and county recording requirements for roughly 3,500 counties and local jurisdictions.

4.8 out of 5 - ( 4705 Reviews )