Mortgage Discharge Form Ontario
Description
How to fill out Complaint To Compel Mortgagee To Execute And Record Satisfaction And Discharge Of Mortgage?
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FAQ
The borrower is primarily responsible for initiating the discharge of a mortgage by submitting the mortgage discharge form Ontario. However, the lender must also play their part by reviewing the request and ensuring all obligations have been met. In some cases, a lawyer may assist in this process to ensure all legal aspects are properly handled. Overall, communication between you and your lender is key to a smooth discharge.
Discharging after paying off your mortgage You, your lawyer or your notary can discharge your mortgage once you pay it off. You also need to make sure you don't have any amount owing on any related products. For example, you may have a home equity line of credit ( HELOC ) with your mortgage.
You will need the following documents and information to complete the form All borrower names. All guarantor names (if applicable) Home loan account number(s) Line of credit number(s) Security/property details. Solicitors/broker/other financial institution contact details. Contract of sale (if property sold)
You need to have the local land registry office remove your lender's interest in your property from the title. This procedure is called discharging a mortgage and involves you, your lender, and your provincial or territorial land registry office.
In most cases, you work with a lawyer, a notary or a commissioner of oaths. Some provinces and territories allow you to do the work yourself. Keep in mind that even if you do the work yourself, you may have to get documents notarized by a professional such as a lawyer or a notary.
You, your lawyer or your notary can discharge your mortgage once you pay it off. You also need to make sure you don't have any amount owing on any related products. For example, you may have a home equity line of credit ( HELOC ) with your mortgage.