NC General Statute 45-37 Can anyone please explain this to me? I have read the statute and can't make heads or tails of it. Below is the link that I found with the statute numbers, if anyone has any real estate saavy, and can tell me what this means, I would really appreciate it. Thank you so much http://64.233.169.104/search?q=cach...nstruments"&hl=en&ct=clnk&cd=2&gl=us&ie=UTF-8 OR http://www.ncga.state.nc.us/enactedlegislation/statutes/html/bysection/chapter_45/gs_45-37.html
Generally, when the mortgage has been paid off, either thorough completion of the mortgage term (rarely) or because of a sale and payoff of the mortgage, the mortgage company provides a notarized certificate of satisfaction of the mortgage, so that the former owners have documentation that they have paid off he note, and that the mortgage company no longer holds any financial interest in the property. Usually, the home owner gets a copy, and the register of deeds gets one to record as an official record of payment, i.e. satisfaction of the mortgage. Caveat...I am not an attorney, a real estate expert, nor do I play one on TV.
But you did a good job of explaining that. "Satisfaction" means a debt has been satisfied, generally by being paid off. Real estate financing in this state involves a document known as a Deed of Trust, which gives the lender the right to foreclose on the property if the buyer does not meet the terms of the accompanying note. The Registrar of Deeds will use the certificate of satisfaction to cancel the deed of trust once the mortgage has been paid off.
Thanks guys. So basically this is saying that the homeowner paid off their entire loan? This is what confuses me, because this person only has been in their home for a couple of years and is unemployed? Odd.. very odd.. thank you
Well, could be that he/she got a big sum of inheritance. I have family members that by the time they were in their early 30's, the home/BMWs were paid off due to the fact that they made it big in their careers. They now travel, live within their means with their shares in the company stock. Yes, they made it big but they also kept their perspectives in living a simple but very nice life, didn't go overboard on the spending etc.
