Difference between revisions of "Security Instruments in Pennsylvania"
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Security Instruments in Pennsylvania are satisfied by recording a document which typically titled as a Satisfaction or Satisfaction Piece. In prior decades, security instruments were satisfied by a stamp and signature from a representative of the lender coming into the land records office and physically stamping and signing that a security instrument was paid in full in the margin of the first page of the recorded mortgage. Many lenders will accidentally recorded a Release of Mortgage instead of a Satisfaction when a mortgage has been paid in full. | Security Instruments in Pennsylvania are satisfied by recording a document which typically titled as a Satisfaction or Satisfaction Piece. In prior decades, security instruments were satisfied by a stamp and signature from a representative of the lender coming into the land records office and physically stamping and signing that a security instrument was paid in full in the margin of the first page of the recorded mortgage. Many lenders will accidentally recorded a Release of Mortgage instead of a Satisfaction when a mortgage has been paid in full. | ||
| − | + | Settlement Officer who is a licensed title agent, employee of an underwriter or Pennsylvania licensed attorney who conducted closing or directly supervised closing through which Mortgage was paid off may satisfy. "Mortgage Satisfaction Act" (Act 197 of 2002 - effective 2/7/03) | |
==Trustees== | ==Trustees== | ||
Revision as of 10:16, 8 January 2020
Contents
Overview
Sources
Compliance
Forms
Search
Examination
Underwriting
Recording
Pricing
- Preparation
- Recording
- Taxes -
- No Mortgage Tax
- The State Transfer Tax is always 1% of the sales price. In addition, there is a Local Transfer Tax which varies from 1% to 4% of the sales price based upon the location.
Types
Content
Duration
- Mortgages -- Presumption of payment after 20 years after maturity; title then insurable if maturity date is stated in or can be calculated from the mortgage.
Execution Requirements
Satisfaction
Security Instruments in Pennsylvania are satisfied by recording a document which typically titled as a Satisfaction or Satisfaction Piece. In prior decades, security instruments were satisfied by a stamp and signature from a representative of the lender coming into the land records office and physically stamping and signing that a security instrument was paid in full in the margin of the first page of the recorded mortgage. Many lenders will accidentally recorded a Release of Mortgage instead of a Satisfaction when a mortgage has been paid in full.
Settlement Officer who is a licensed title agent, employee of an underwriter or Pennsylvania licensed attorney who conducted closing or directly supervised closing through which Mortgage was paid off may satisfy. "Mortgage Satisfaction Act" (Act 197 of 2002 - effective 2/7/03)
Trustees
Pennsylvania only uses mortgage and not deeds of trust, so no trustee is required on any security instruments.
