Norfolk City Certificate of Partial Satisfaction of Deed of Trust Form (Virginia)

The following Virginia and Norfolk City supplemental forms are included as a courtesy with your order:

When using these Certificate of Partial Satisfaction of Deed of Trust forms, the subject real estate must be physically located in Norfolk City. The executed documents should then be recorded in the following office:

Local jurisdictions located in Norfolk City include:

• Norfolk

Use this form to release a portion of property secured by a deed of trust and promissory note. Example: borrower has financed 4 lots for $100,000.00 which has since been paid down to a balance of $25,000.00. Borrower approaches Lender/grantee and would like the lender to release lot #3 because he has a buyer. The lender might think, ok- he will owe me $25,000.00 on the remaining 3 lots, I consider this a good risk. The same can also be applicable to condominiums, apartments, parcels, etc.

(It is lawful for any lien creditor to record a certificate of partial satisfaction of any one or more of the separate pieces or parcels of property covered by such lien. It shall also be lawful for any such creditor to record a certificate of partial satisfaction of any part of the real estate covered by such lien if a plat of such part or a deed of such part is recorded in the clerk's office and a cross-reference is made in the certificate of partial satisfaction to the book and page where the plat or deed of such part is recorded. Such certificate of partial satisfaction may be accomplished in manner and form prescribed in this chapter for making certificates of satisfaction, except that the creditor, or his duly authorized agent, shall make an affidavit to the clerk or in such certificate that such creditor is at the time of making such satisfaction the legal holder of the obligation, note, bond, or other evidence of debt, secured by such lien, and when made in conformity with the provisions of this chapter such partial satisfaction shall be as valid and binding as a proper release deed duly executed for the same purpose.) ( 55.1-341) Partial satisfaction.

(Virginia Partial Satisfaction of DOT Package includes form, guidelines, and completed example) For use in the Commonwealth of Virginia only.

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