How are encumbrances eliminated?

Encumbrances are a form of security interest granted over a property without taking full ownership of it. This means that a property owner cannot sell, mortgage, or transfer the property without first eliminating the encumbrance. In Massachusetts, the process of eliminating encumbrances is known as a release. It is the process of discharging the lien or mortgage from the title of the property. The release of encumbrances can be done through an escrow payment or by filing a specific form with the Registry of Deeds. If an escrow payment is made, the money is held in trust until the lender accepts the payment and issues a release of the encumbrance to the title. This can be done by filing a notice of discharge with the Registry of Deeds. The form will need to include the date of the release, the name of the lender, and the precise details of the encumbrance. Once the form has been accepted and registered, the encumbrance is officially eliminated and the title is transferred. In addition to an escrow payment or filing a notice of discharge, the encumbrance can also be released by paying the lender in full or coming to a settlement agreement. Once the debt is cleared, the lender must issue a release to the title and file it with the Registry of Deeds. In summary, the process of eliminating encumbrances in Massachusetts is known as a release. It can be done by making an escrow payment, filing a notice of discharge, paying the lender in full, or coming to a settlement agreement. Once the encumbrance is released, the title can be transferred.

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How are encumbrances eliminated?

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