Illinois Compiled Statutes 765 ILCS 935/10 – Mortgage presently being paid off
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Terms Used In Illinois Compiled Statutes 765 ILCS 935/10
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Receipt of payment pursuant to the lender’s written payoff statement shall constitute authority to record a certificate of release. A certificate of release shall be delivered for recording to the recorder of each county in which the mortgage is recorded, together with the other documents from the new transaction, including a deed or new mortgage, or both by the title insurance company or its duly appointed agent.
