What is a Satisfaction?
A satisfaction is a document showing proof that you have paid a deed of trust (instrument that secures the repayment of a sum of money or the performance of other conditions) in full. A recorded satisfaction releases the deed of trust from the land records in the country where the property is located.
Check with your attorney for further assistance.
The Two Methods of Cancellation
There are two different methods for cancelling deeds of trusts and mortgages:
- The Trustee or Substitute Trustee may submit a Trustee's Satisfaction of Deed of Trust. The Trustees Satisfaction of Deed Trust must be signed by the Trustee or Substitute Trustee and acknowledged by a Notary Public and contain all the information required by G.S. 45-36.20 and G.S. 45-37(a)(7).
- The secured creditor in the security instrument may sign a Satisfaction of Security Instrument. The Satisfaction of Security Instrument must be signed by the secured party and acknowledged by a Notary Public and contain all the information required by G.S. 45-36.10 and G.S. 45-37(a)(7).
There is no fee for recording cancellation documents.