Congratulations if you have made it to the special day where you are going to pay out your mortgage!
What a big achievement to reach in one’s life and you will probably be popping a bottle of champagne, enjoying some cheese and crackers and looking back on life and its success.
This is where most people stop but you must ensure that you obtain all documentation you need before you relax.
When you pay out your mortgage, your bank is often not forthcoming with advising you on the process required after you give them all of your hard earned cash.
Yes, you have paid out your loan however did you receive your release of mortgage paperwork?
Even when you pay out your loan it does not automatically mean that the mortgage is released from your Title Deeds.
You must ask your bank for the original Release of Mortgage Form signed by them as the mortgagee.
You then need to ensure that this is registered at the Department of Environment and Resources. A Conveyancing Solicitor like us can help you with this!
Once it is registered (and you pay the registration fee to the titles office) then the mortgage is released from your Title.
It is also rare however if your bank is also holding the original Certificate of Title you must ensure that you know where it is if it is in Safe Custody or that you receive it to keep safe.
You will need to ensure you have released the mortgage from Title and that you hold all the necessary original Title deeds if available.
This will help ensure that you do not have any issues when you sell your home.
By Maimiti Fuenzalida
Principal Solicitor & Conveyancing Lover