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.

What is the job of the notary in
the writing of a release or discharge?

As an expert in real estate law, your notary proceeds with all the checks and operations required to ensure the delisting of the mortgage. The research and tasks that he carries out ensure peace of mind for all parties. He guarantees to the creditor and the holder of a mortgage that everything is in order! A release or discharge can also take the form of a private agreement.

Here are the tasks accomplished by a notary in the preparation of a release or discharge:

1
Audit of account statements and mortgage balance;
2
Check of the identity of each party;
3
Search of the obligations and charges guaranteed by the mortgage (lines of credit, legal construction hypothec, etc.);
4
Upon the sale of a property: loan reimbursement and remittance of balance to the seller;
5
Posting of the release or discharge with the Quebec land registry.

Opt for the release or discharge prepared by an expert!

When selecting your notary, make sure to deal with a real estate expert. You can then rest easy that all the required searches have been done right to obtain your release or discharge. It is the best way to avoid bad surprises and potential problems!

The Bessette Notaires team regroups skilled professionals with deep-rooted real estate experience. They know how to deal thoroughly with all the intricacies of obtaining an orderly release or discharge. Don’t hesitate to book an appointment in one of our branches!

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