Utah Real Estate Code

Utah Real Estate Code 57-1-5.1 Termination Of An Interest In Real Estate - Affidavit.

(1) Joint tenancy, tenancy by the entirety, life estate, or determinable or conditional interest in real estate may be terminated by an affidavit that: (a) meets the requirements of Subsection (2); and (b) is recorded in the office of the recorder of the county in which the affected property is located.

(2) Each affidavit required by Subsection (1) shall: (a) cite the interest that is being terminated; (b) contain a legal description of the real property that is affected; (c) reference the entry number and the book and page of the instrument creating the interest to be terminated; and (d) if the termination is the result of a death, have attached as an exhibit, a copy of the death certificate or other document issued by a governmental agency as d in Section 75-1-107 certifying the death.

(3) The affidavit required by Subsection (1) may be in substantially the following form: "Affidavit State of Utah County of ___________) I, (name of affiant), being of legal age and being first duly sworn, depose and state as follows: (The name of the deceased person), the decedent in the attached certificate of death or other document witnessing death is the same person as (the name of the deceased person) named as a party in the document dated (date of document) as entry _______ in book _______, page _______ in the records of the (name of county) County Recorder. This affidavit is given to terminate the decedent's interest in the following d property located in ___________________ County, State of Utah: (description of the property). Dated this ______ day of ___________________, ________. _____________________________________ (Signature of affiant) Subscribed to and sworn before me this _______ day of ______________, _________. _____________________________________

Priority, Termination of the Mortgage, and Other Methods of Using Real Estate as Security

Priorities in Real Property Security

You may recall from Chapter 16 "Secured Transactions and Suretyship" how important it is for a creditor to perfect its secured interest in the goods put up as collateral. Absent perfection, the creditor stands a chance of losing out to another creditor who took its interest in the goods subsequent to the first creditor. The same problem is presented in real property security: the mortgagee wants to make sure it has first claim on the property in case the mortgagor (debtor) defaults.

The General Rule of Priorities

The general rule of priority is the same for real property security as for personal property security: the first in time to give notice of the secured interest is first in right. For real property, the notice is by recording the mortgage. Recording is the act of giving public notice of changes in interests in real estate. Recording was created by statute; it did not exist at common law. The typical recording statute calls for a transfer of title or mortgage to be placed in a particular county office, usually the auditor, recorder, or register of deeds. A mortgage is valid between the parties whether or not it is recorded, but a mortgagee might lose to a third party—another mortgagee or a good-faith purchaser of the property—unless the mortgage is recorded.

Exceptions to the General Rule

There are exceptions to the general rule; two are taken up here.

· Fixture Filing: The fixture-filing provision in Article 9 of the UCC is one exception to the general rule. As noted in Chapter 16 "Secured Transactions and Suretyship", the UCC gives priority to purchase-money security interests in fixtures if certain requirements are met

· Future Advances: A bank might make advances to the debtor after accepting the mortgage. If the future advances are obligatory, then the first-in-time rule applies. For example: Bank accepts Debtor’s mortgage (and records it) and extends a line of credit on which Debtor draws, up to a certain limit. (Or, as in the construction industry, Bank migh...

(Feed generated with FetchRSS)

source https://www.cellapro.com/fine/real/estate/blog/55916/How-Do-I-Find-The-Value-Of-My-Home