A Discharge of Mortgage is a document that states that a mortgage has been fully paid off. It is the formal release of a mortgage from the borrower to the lender, signed by both parties. Once the mortgage is discharged, the lender no longer has any claim on the property. There are two types of Discharge of Mortgage: a unilateral discharge and a mutual discharge. A unilateral discharge is issued by the lender when the borrower has paid off the mortgage in full. A mutual discharge is issued when both the lender and the borrower agree to the discharge of the mortgage. In both cases, the Discharge of Mortgage serves as proof that the mortgage has been paid in full and provides a release of liability for both parties.
Mortgage Discharge
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State:
Multi-State
Control #:
US-RE-DIS-1000
Format:
Word;
Rich Text
Instant download
Description
When your mortgage is paid off, a mortgage discharge should be recorded with the Registry of Deeds to clear your property's title. A discharge is a document (usually one page) issued by the lender, usually with a title such as “Discharge of Mortgage” or “Satisfaction of Mortgage.”
A Discharge of Mortgage is a document that states that a mortgage has been fully paid off. It is the formal release of a mortgage from the borrower to the lender, signed by both parties. Once the mortgage is discharged, the lender no longer has any claim on the property. There are two types of Discharge of Mortgage: a unilateral discharge and a mutual discharge. A unilateral discharge is issued by the lender when the borrower has paid off the mortgage in full. A mutual discharge is issued when both the lender and the borrower agree to the discharge of the mortgage. In both cases, the Discharge of Mortgage serves as proof that the mortgage has been paid in full and provides a release of liability for both parties.
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