A Release of Real Estate Mortgage is a crucial document in Australian property transactions, used when a mortgage has been fully satisfied or needs to be discharged for other reasons such as refinancing or property sale. This document is required by Australian land registries to formally remove the mortgage from the property's title. It contains essential information including the details of the original mortgage, property description, and parties involved. The document must comply with the requirements of the Real Property Act and state-specific legislation, and typically requires execution by an authorized representative of the mortgage holder. It's a critical component in property transactions, as it provides evidence that the property is free from the specified mortgage encumbrance.
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1. Parties: Identifies the Mortgagee (lender) and Mortgagor (borrower) with their full legal names and addresses
2. Background: References the original mortgage details including date, registration number, and property description
3. Definitions: Defines key terms used in the document including 'Mortgage', 'Property', and 'Release Date'
4. Release Statement: Clear statement that the mortgagee releases and discharges the property from the mortgage
5. Property Description: Detailed legal description of the property including title reference, lot number, and registered plan details
6. Registration Details: Information required for lodgment with the land registry, including mortgage registration number
7. Execution: Signing provisions for both mortgagor and mortgagee, including witness requirements
1. Partial Release: Only included when releasing part of the secured property while maintaining the mortgage over other properties
2. Consideration: Required in some jurisdictions to state the consideration for the release
3. Outstanding Obligations: Statement regarding any surviving obligations or conditions, if applicable
4. Costs: Section detailing who bears the costs of preparing and registering the release
5. Governing Law: Included when the mortgage involves multiple jurisdictions or when specifically required
1. Property Schedule: Detailed description of the property or properties being released, including title references and encumbrances
2. Original Mortgage Details: Copy or summary of the original mortgage registration details
3. Supporting Documents: List of required supporting documents for registration
4. Execution Requirements: Specific execution requirements based on the party type (individual, company, power of attorney)
Find the exact document you need
Release Of Real Estate Mortgage
An Australian legal document that formally discharges a mortgage over real property, terminating the mortgagee's security interest once registered with the land registry.
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Release Of Mortgage Document
An Australian legal document that formally discharges a mortgage from a property title, confirming the lender's release of security interest in the property.
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