Legal Question in Real Estate Law in New York
deed satisfaction
Is there a time limit to receive escrow monies and a deed satisfaction when a mortgage is paid off? Example is we paid our mortgage off and check cleared on June 2-today being June 22,2003-we still have no monies or satisfaction -this was a privately held mortgage. thank you for a prompt reply.--
3 Answers from Attorneys
Re: deed satisfaction
By "deed satisfaction," I assume you actually mean a satisfaction of mortage. What escrow funds remain? RPL section 275 requires that a discharge of the lien be filed within thirty days. Sill, it is common for mortgagees to neglect this duty, so I would write a letter immediately requesting that the mortgage discharge and "sat" be immediately recorded and provided to you.
Re: deed satisfaction
Frequently, the County Clerk's office is very slow in returning recorded documents. However, you should demand and receive any remaining escrow balance within 30 days together with a signed copy of the unrecorded satisfaction.
Re: deed satisfaction
Usually the mortgage holder has 30 days to issue the satisfaction without penalty. I suggest sending a letter by certified mail, return receipt requested, demanding the issuance of the satisfaction.
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