Release of Mortgage Template for Canada

A Release of Mortgage is a legal document that officially cancels your mortgage once you've paid it off completely. It's the lender's way of saying "this debt is settled" and removing their claim on your property. In Canadian real estate, this release is essential - without it, you'll still show up in public records as having a mortgage on your home.

Your bank or lending institution must file this release with your province's land registry office. This step clears your property title and proves you own your home free and clear. Most Canadian provinces require lenders to provide this release within 30 days of your final payment, though timing can vary by region. Keep your copy safe - you'll need it when selling your property or applying for future loans.

You need a Release of Mortgage when you've paid off your home loan and want to clear your property title. This typically happens at the end of your mortgage term, when refinancing with a new lender, or after making an early payoff. Canadian homeowners often encounter this during property sales, as buyers need proof that previous mortgages are fully discharged.

Getting this release matters most when you're planning to sell your property, take out a new loan, or refinance with another lender. If you've recently paid off your mortgage but haven't received your release document, contact your lender immediately - delays in filing can hold up future real estate transactions and affect your ability to use your property as collateral.

• Mortgage Lien Release: The standard form used by most Canadian lenders, covering basic discharge of a single mortgage on a residential property.
• Mortgage Lien Release Document: A more detailed version that includes specific payment histories and property descriptions, often used for commercial properties or complex mortgages.
• Beneficial Mortgage Lien Release: Used when releasing mortgages held in trust or involving beneficial ownership arrangements, common in estate planning or corporate structures.

• Lenders (Banks/Financial Institutions): Prepare and issue the Release of Mortgage after receiving final payment, legally required to file it with land registry offices within specified timeframes.
• Property Owners: Request and receive the release after paying off their mortgage, need it for future property transactions or refinancing.
• Land Registry Officials: Process and record the release, updating public property records to show the mortgage has been discharged.
• Real Estate Lawyers: Review and verify releases during property transactions, ensure proper filing and documentation.
• Title Insurance Companies: Check for properly recorded releases when issuing new title insurance policies.

• Mortgage Details: Gather the original mortgage registration number, date, and lender information from your property records.
• Property Information: Collect legal property description, PIN (Property Identification Number), and current ownership details.
• Payment Verification: Get confirmation of final payment and zero balance statement from your lender.
• Identity Documentation: Prepare government-issued ID for all parties named on the mortgage.
• Land Registry Requirements: Check your province's specific filing requirements and fees.
• Digital Platform: Use our automated system to generate a legally compliant Release of Mortgage that includes all required elements for your jurisdiction.

• Party Information: Full legal names and addresses of both lender and borrower, including corporate registration details if applicable.
• Property Description: Legal description, municipal address, and registration details matching land registry records.
• Mortgage Details: Original mortgage registration number, date, and amount of the discharged loan.
• Release Statement: Clear declaration that the mortgage is fully satisfied and discharged.
• Execution Requirements: Authorized signatures, witness details, and notarization where required by province.
• Registration Information: Space for land registry office details and filing references.

A Release of Mortgage differs significantly from a Mortgage Agreement in both timing and purpose. While they're related documents, they serve opposite ends of the mortgage lifecycle. Understanding these differences helps you choose the right document for your situation.

• Timing: A Mortgage Agreement starts the lending relationship and creates the debt, while a Release of Mortgage ends it by confirming full payment.
• Legal Effect: Mortgage Agreements establish the lender's security interest in your property; Releases remove that claim entirely.
• Required Information: Mortgage Agreements detail payment terms, interest rates, and conditions; Releases focus on confirming discharge and identifying the original mortgage.
• Filing Requirements: Both need registration, but Releases must be filed promptly after payoff to clear property records, while Mortgage Agreements are filed at the start of the loan.