A Release of Mortgage Document is essential in Canadian real estate transactions when a mortgage has been fully paid off or otherwise satisfied. This document is required to clear the title of the property and is typically prepared when the borrower has fulfilled all obligations under the mortgage agreement. The Release of Mortgage Document must comply with both federal banking regulations and provincial property laws, making it crucial for proper execution and registration. It includes specific details about the original mortgage, property description, and formal release language. The document is commonly used in refinancing situations, property sales, or when a mortgage term ends with full repayment. It must be properly registered with the relevant provincial land registry office to be legally effective in removing the mortgage from the property's title.
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1. Title and Date: Clearly states this is a Release/Discharge of Mortgage and the date of execution
2. Parties: Identifies the Mortgagee (Lender) and Mortgagor (Borrower) with their full legal names and addresses
3. Original Mortgage Details: Reference to the original mortgage including registration date, number, and amount
4. Property Description: Legal description of the mortgaged property as it appears in the original mortgage
5. Release Statement: Formal statement releasing and discharging the mortgage and confirming payment received
6. Execution Block: Signature blocks for the mortgagee, including witness requirements and notarization space
1. Multiple Properties: Additional section when the release applies to multiple properties under the same mortgage
2. Partial Release: Used when only a portion of the mortgaged property is being released
3. Consideration: Section detailing any consideration paid for the release, if applicable
4. Prior Encumbrances: Reference to any prior or subsequent encumbrances that remain in effect
5. Corporate Authorization: Required when the mortgagee is a corporation, confirming authority to execute the release
1. Schedule A - Property Description: Detailed legal description of the property when too lengthy for main document
2. Schedule B - Corporate Resolution: Copy of corporate resolution authorizing the release (if mortgagee is a corporation)
3. Schedule C - Survey/Plan: Required for partial releases to show the portion of property being released
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Release Of Mortgage Document
A Canadian legal document that formally discharges a mortgage from property title once the mortgage has been satisfied, requiring registration with provincial land registry offices.
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