When you pay off your loan and you have a mortgage, the lender will send you — or the local recorder of deeds or office that handles the filing of real estate documents — a release of mortgage. This release of mortgage is recorded or filed and gives notice to the world that the lien is no more.
The Mortgage Deed will be sent to your address from the mortgage lender.
When you pay off your mortgage you might be required to pay the mortgagee (the lender) a final fee to cover administration and the return of your deeds). At this time your deeds will be sent to you for safekeeping. You can either keep them safe or ask your bank or solicitors to hold them for you.
Once you've made your last mortgage payment, it's your responsibility to make sure that your mortgage note or deed of trust is released from your county's office of land records. You can do this by filing a certificate of satisfaction. Some lenders do this for their clients.
The biggest difference between a deed and a title is the physical component. A deed is an official written document declaring a person's legal ownership of a property, while a title refers to the concept of ownership rights.
A property deed is a legal document that transfers the ownership of real estate from a seller to a buyer. For a deed to be legal it must state the name of the buyer and the seller, describe the property that is being transferred, and include the signature of the party that is transferring the property.
These days, title deeds are stored electronically, so unless it hasn't been registered before, you probably won't have the original deeds yourself.
Proving Ownership. Get a copy of the deed to the property. The easiest way to prove your ownership of a house is with a title deed or grant deed that has your name on it. Deeds typically are filed in the recorder's office of the county where the property is located.
It is possible to carry out a search at the Land Registry, to locate your property and title number. ... An Official Copy of the register is the equivalent of a 'title deed' and so it will not matter if you lose this, a further copy can always be obtained from Land Registry, again for a small fee.
The two parties involved in a mortgage deed state are the buyer and the lender. The lender holds the deed for the duration of the loan.
The Mortgage Deed is the document that states that you and the lender have agreed to use the property as a security to protect the mortgage. The Deed contains information on the conditions of the mortgage, repayment schedule, length of the mortgage, mortgage rates, type of mortgage and security for the mortgage.
Consequently, the ideal witness under English law is a person aged 18 or over, who is not a party to the deed, has no commercial or financial interest in the subject matter of the deed and no close personal relationship with the person whose signature they are witnessing.
Exchange. The conveyancer will pull together the final completion statement, transfer deed and mortgage deed for you to agree and sign. ... The seller's solicitor will be sent the signed transfer deed, contracts will be exchanged and the deposit sent to the seller's solicitor.
What is a guarantor mortgage? This is a mortgage which allows a close family member, usually a parent or grandparent, to act as a guarantor on the debt. This typically means they must use their savings or their own home as security against the new mortgage.
In single name cases (as opposed to situations where both owners' names are on the deeds) the starting point is that the 'non-owner' (the party whose name is not on the deeds) has no rights over the property. They must therefore establish what is called in law a “beneficial interest”.
In order to register a property without title deeds, a conveyancer would need to reconstitute the deeds. This involves putting together sufficient evidence to allow the Land Registry to determine if registration is possible. Each application will be determined on its individual facts.
Without the original title deed you cannot pass transfer to a buyer. So if you sell your property, your conveyancing attorney will need the title deed from you (if your property is mortgaged and the bond not yet paid off and cancelled, the bank should be holding the title deed as security).
What happens with the title deeds once my mortgage is paid off? If you live in England and Wales, your title deeds are most likely held electronically with Land Registry. Your solicitor will get them amended when you pay off your mortgage. Or, if your lender has hold of them, they'll usually send them to you.
How can I get a copy of my title deed? A copy of a title deed, for information purposes, is obtainable from any Deeds Office upon written application to the Registrar of Deeds and payment of the prescribed fee which changes from time to time.
If your name is on the deed but not the mortgage, it means that you are an owner of the home, but are not liable for the mortgage loan and the resulting payments. If you default on the payments, however, the lender can still foreclose on the home, despite that only one spouse is listed on the mortgage.
It is possible to be named on the title deed of a home without being on the mortgage. However, doing so assumes risks of ownership because the title is not free and clear of liens and possible other encumbrances. Free and clear means that no one else has rights to the title above the owner.
Deed: This is the document that proves ownership of a property. ... Mortgage: This is the document that gives the lender a security interest in the property until the Note is paid in full. If the debt is not paid, then the lender can enforce its security interest by foreclosing on the property.