Now, it’s time to discharge your mortgage. Here’s how Simply Legal can help:

Why Discharge Your Mortgage?

In Canada, even after you’ve completed all payments, your mortgage will still appear on your property title until you officially discharge it. Discharging your mortgage removes the lender’s lien on your property, ensuring that you are the sole owner.

The Importance of Legal Assistance

The discharge process involves preparing and executing several documents, including a Discharge of Charge, which must be registered with the Land Title Registry Office. While you can handle some aspects of this process yourself, it’s highly advisable to work with Simply Legal. This process is relatively inexpensive and we surely can get it done quickly and correctly.

Steps to Discharge Your Mortgage:

1. Confirm Payment Completion

After you’ve paid off your mortgage, confirm with your lender that all payments have been received. If you’ve paid a lump sum or refinanced, make sure the lender acknowledges this. Ensure you have something in writing.

2. Request the Discharge of Charge 

With Institutional Lenders: Large banks like TD Bank, Scotiabank, and RBC typically handle discharges internally. They should register the Discharge of Charge within a few months of confirming payment. However, follow up if you haven’t received confirmation within this timeframe.

With Private Lenders: If you’ve used a private lender, our team can immediately request the Discharge of Charge from the lender’s lawyer once the mortgage is paid off.

Potential Issues with Outstanding Discharges

Failing to discharge your mortgage can lead to complications down the road, such as:

Delays in Refinancing or Selling: If an old mortgage remains on your title, it may cause delays when you try to refinance or sell your property.

Missing Lenders: In some cases, the bank may no longer exist, or the private lender may be deceased, making it difficult to obtain the necessary discharge.