Effective October 1, 2011 ends use of satisfaction by presentation.
When Morgages are Fully Paid Off
When a mortgage has been paid in full, it is considered "satisfied." This can be the result of you selling your house, refinancing your mortgage, or paying off your mortgage in full. Attorneys and lending institutions are responsible for submitting the satisfaction paperwork. Citizens can check on satisfactions by examining the Real Estate Inquiry website to see if there are documents with a type of "C" or "SATIS," indicating a satisfaction. Citizens should contact their attorney or lending institution if they have questions about satisfactions.
Statutory Changes to Satisfaction Methods
Legal professional and lending institutions should note changes to satisfaction laws, effective October 1, 2011, as specified in the NC Session 2011-246 (H 312) Satisfaction of Mortgages & Deeds of Trust
Points of emphasis
- Simplified Satisfaction Forms are outlined in statute
- Copies of recorded security instrument will no longer be required to accompany any satisfaction document.
- Old Certificate of Satisfaction and Notice of Satisfaction forms are still valid but Affidavit of Lost Note is no longer required.
- Registers are no longer required to verify reference information on satisfaction documents. The submitter and searcher are responsible for including and verifying that the references to security instruments are correct and that debtor names are correct.
- The new legislation simplifies verification of information in notary acknowledgment by Register of Deeds
When the recorded documents are returned to appropriate party, please note the documents will not contain a statement of cancellation or a certification of acknowledgment signed by the Orange County Register of Deeds.