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The Final Mortgage Payment - Now What? PDF Print E-mail

Chances are likely that you remember that day many years ago when you first signed your mortgage documents.  At that time there was so many papers to sign and much to understand - it may have seemed overwhelming.  Since then much time has passed, including too many mortgage payments to count, and now you might be wondering - what is next?  

Once that final mortgage payment clears the bank one would think that they are done and ready to enjoy their mortgage-free existence.

 However, it is important to realize that your mortgage was registered at the Land Titles Office (LTO) after you first signed the documents and chances are the mortgage still remains registered on title even after that last mortgage payment was made.  The banks will often make it the home-owners responsibility to ensure that the mortgage is discharged from title.  Your bank may start preparing the discharge of mortgage documents once they recognize that the mortgage is indeed paid in full (or is to be transferred to another bank) and will mail them out to the home-owner for final execution, however, this is not always the case - wherein the homeowner is responsible for the drafting and final execution of the mortgage discharge.

Why is it important to discharge your mortgage?

 

1. It is the final step in clearing your property from the debt/loan; and

2. It readies your property for sale or transfer of ownership.

 

Thiessen Law Group has handled all types of mortgage discharges and would be glad to help you manage through the final steps of your home-ownership process.  Whether the bank has actually sent discharge documents or whether you are still awaiting their arrival - call Thiessen Law Group to get the right advice to make sure everything is finalized properly.  The final step in home-ownership should not be overwhelming and Thiessen Law Group will ensure it stays that way!