Most consumers purchase vehicles on loan, because they do not have the extra money to cover the expenses. When you take out a loan on a vehicle, the financial institution will become the lienholder. The lienholder’s name is always listed on the title to prevent the borrower from selling the vehicle, without notifying them first. Once the loan is paid in full, the financial institution will release the lien. In order to do this properly is with a lien release form.
When the lienholder releases the lien, the official signs and notarizes the release form. The customer will then take it to the local circuit court clerk’s office to have it recorded. The customer will eventually receive a new title, without a lienholder. All financial institutions utilize these forms to conduct this type of business. Once the document is notarized, it becomes a binding document that is enforceable in a court of law.
Accurate And Reliable
Our model documents are accurate and very reliable. Each document is formatted with important details, regarding the lien release process. All parties involved in the process will also need to sign the document, before it becomes legalized. Anyone can utilize these forms, but a financial institution must complete them.