Conveying Property With Mortgage

Summary

Conveying a deed on a property with an existing mortgage involves executing the deed, which includes signing in front of a notary and delivering it to the new owner. The owner holds the deed, but the lender has a lien, requiring their approval for the transfer. In Arkansas, the deed must be signed in the presence of a notary and recorded in the propertys county. The lenders approval might be necessary, and the mortgage typically remains on the entire property.

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What is executing a deed
Executing a deed refers to the process of signing and delivering a legal document that transfers ownership of property from one person to another. It involves:
- Signing the deed in front of a notary or witnesses.
- Delivering the deed to the new owner.
- Recording the deed with the county clerk to make it official.
Do you need more details on this process?
Are they in ownership of the deed or is there lender
In the case of a property with a mortgage, the owner holds the deed, but the lender has a lien on the property. This means:
- Owner: Has legal ownership and the right to transfer the deed.
- Lender: Holds a security interest until the mortgage is paid off.
Do you need more information on how this affects conveying the deed?
Yes
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If the owner wishes to convey a deed on a section of property while still having a mortgage, they must consider the lender's role in the process. The lender's approval might be necessary, and the mortgage typically remains on the entire property.
Would you like more specific information on how the lender's involvement affects the transfer process?
Does a notary need to be present when the deed is conveyed
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In Oklahoma, a notary public typically needs to be present to witness the signing of the deed when property ownership is being transferred. This helps ensure the document's legitimacy and prevents fraud.
Would you like to know more about the specific steps involved in the deed conveyance process?
The property is in arkansas and the realtors office is in texas
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Okay, here’s some information considering the property is in Arkansas:
- In Arkansas, deeds must be signed in the presence of a notary public.
- The deed should be recorded in the county where the property is located.
- Lender approval might be needed if there is an existing mortgage.
Do you need more specific information about the deed conveyance process in Arkansas?