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satisfaction of mortgage

   Also found in: Financial 0.01 sec.

satisfaction of mortgage n. a document signed by a lender acknowledging that a mortgage has been fully paid. It must be recorded with the County Recorder (or Recorder of Deeds) to clear the title to the real property owned by the person who paid off the debt. (See: mortgage)



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Satisfaction of mortgage fraud A close relative to the unmasked and gunless bank robber comes in the form of a satisfaction or payoff of a mortgage.
Section B(8): Satisfaction of mortgage liability covers errors and omissions arising out of the insured's connection with the satisfaction of a mortgage on property in which the insured holds an insurable interest.
Purchaser a satisfaction of mortgage so that after closing the put chase money mortgage was already paid off.
 
 
 
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