The release or discharge: a document required to be released
You are about to be released from a mortgage?
Do you know that this step must be accompanied by a notarized release? Even if all amounts are paid, you need a document that confirms that your mortgage is delisted from the Quebec land registry.
The release or discharge is required upon your final mortgage payment. It releases you from the creditor who confirms with this document that you are released from the guarantee on your property. The release frees you of all obligations linked to the mortgage and is required in many situations:
- Repayment of the mortgage;
- Sale of property;
- Mortgage refinancing.
What is the distinction between a release and a discharge?
With a release, your creditor confirms that all the sums due have been paid. The document certifies that the property is mortgage-free. The discharge releases only part of the property or only one of the individuals responsible for the mortgage payments. It can be used when several properties have been pledged as collateral on a mortgage or when part of a property is sold. As with a release, a discharge will be registered with the Quebec land registry.
