Satisfaction of Mortgage

Definition

A legal document indicating that a mortgage has been fully paid and the lien removed—basically the lender's permission slip to celebrate.

Example Usage

After the final payment, the lender issued a satisfaction of mortgage to clear the lien from the title.

Origin

Property law terminology, standard practice since mortgages existed

Fun Fact

Recording a satisfaction of mortgage is one of life's great financial victories, celebrated only by the person paying the mortgage.

Source: Property Law Standards

Related Terms

Intermediate

Sweat Equity

The value you add to a property through your own labor, tears, and increasingly creative profanity. It's free if you don't count the hospital visits, marriage counseling, and weekends you'll never get back.

🏠 Real Estate

Advanced

nonrecourse loan

A loan secured only by collateral, where the lender cannot pursue the borrower's other assets if the property is insufficient to cover the debt. The 'take the house and leave me alone' mortgage.

🏠 Real Estate

Advanced

simplex

A mathematical object that's the fancy geometry version of a triangle or tetrahedron—basically the simplest shape you can make in any dimension. In real estate, sometimes used to describe a single, uncomplex property unit without fancy features or complications.

🏠 Real Estate

Intermediate

NNN Lease (Triple Net)

A commercial lease where the tenant pays rent, property taxes, insurance, and maintenance—basically the landlord's retirement plan.

🏠 Real Estate

Advanced

option contract

An agreement giving someone the right, but not obligation, to purchase property at a set price within a specified timeframe. It's essentially renting the opportunity to decide later, popular with investors who want to control property without owning it yet.

🏠 Real Estate

Intermediate

heritage

The inherited tradition, values, or status passed down through generations—basically, what your family claims you should be proud of. Can refer to actual property, cultural practices, or the burden of living up to great-grandma's reputation.

🏠 Real Estate

Translate This Term

See “Satisfaction of Mortgage” in Corporate Speak, Gen-Z Slang, Pirate Speak, and more.

Try the Translator

Share This Term

Post on X Share on Facebook Share on LinkedIn

Discover a Term

Advanced

cliff vesting

A vesting schedule where retirement or equity benefits become fully available all at once after a specific period, rathe...