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CITY COUNCIL COMMUNICATION February 13, 2018, SUBJECT:Authorize the City Manager to Execute a Partial Release of Resubmitted BY:Loretta Mitchell, City ManagerREFERENCE NO: ACTION REQUESTED: Consider
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How to fill out partial release of lien
How to fill out partial release of lien:
01
Begin by obtaining the necessary forms from the appropriate authority, such as the county clerk's office or a legal documentation service.
02
Fill out the top portion of the form with your personal information, including your name, address, and contact details.
03
Provide the relevant details about the lien, such as the date it was filed, the property address, and any other identifying information requested on the form.
04
Specify the amount of the lien that you are releasing. This can be either a specific dollar amount or a percentage of the total lien.
05
Sign and date the form at the bottom, acknowledging that the information provided is accurate and that you understand the consequences of releasing the lien.
06
Submit the completed form to the appropriate authority, ensuring that you follow any additional instructions provided, such as submitting copies to other parties involved in the lien.
Who needs partial release of lien:
01
Contractors or construction companies who have placed a lien on a property for unfinished work or unpaid bills may need a partial release of lien when they have been paid for a portion of their services or materials.
02
Property owners who have resolved an outstanding debt or have reached a settlement with the lienholder may require a partial release of lien to clear their property title or prove that they are no longer encumbered by the full amount of the lien.
03
Banks or financial institutions that hold a mortgage on a property may request a partial release of lien to update the loan-to-value ratio or to release a portion of the property from the lien when certain conditions are met.
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