DEED OF RELEASE

A legal document that removes a previous claim or lien on an asset. A deed of release is usually issued once a mortgage or other type of debt, previously secured against the asset, has been paid in full. After the deed of release is written, the asset is owned free and clear by the owner, and any previous claims against the asset that the lender may have had are dissolved.

For example, when most individuals purchase a home, they do so with the help of a mortgage offered by a financial institution. When a home buyer obtains a mortgage to finance the purchase of real estate, the bank providing the funds for the mortgage doesn't just lend them the money in good faith - the bank takes a legal claim against the house as collateral. Once the home owner pays off all the money the bank lent them for the mortgage, the bank would write a deed of release, ending their claim against the house.

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