DEED OF RELEASE
A legal document that removes a previous claim or lien on an asset. A deed of release is usually issued once a mortgage or other type of debt, previously secured against the asset, has been paid in full. After the deed of release is written, the asset is owned free and clear by the owner, and any previous claims against the asset that the lender may have had are dissolved. For example, when most individuals purchase a home, they do so with the help of a mortgage offered by a financial institution.
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