What is a certificate of satisfaction? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A properly executed and valid document, that is recorded with the land records which provides evidence that a property is released from a deed of trust or certain lien(s). Sometimes a certificate of satisfaction, maybe necessary to obtain title insurance and/or resolve chain of title issues. Having a certificate of satisfaction, could come in handy, in a number of situations, such as: (1) In the event the owner dies, then it will be easier for the heirs to know what has or has not been paid. (2) In the modern world of structured finance, if a property owner tries to get a new mortgage or sell the property in 5-10 years, it may be harder and /or more expensive to get a certificate of satisfaction due to inability to track the lender. (3) Potentially improve your perceived credit worthiness, since credit risk assessors may rely on seeing a certificate of satisfaction, in order to remove the loan from your profile. (4) Establishing a clear paper trail in the event of a tax audit over your mortgage interest deduction. (5) Make it harder for the lender to come back and ask for more money, because it made a mistake earlier. (6) Recording a certificate of satisfaction, at a later time when recollections have weaken, may accidently cause chain of title problems later on.

 

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