Mortgage Release Deed for Canada

Mortgage Release Deed Template for Canada

A Mortgage Release Deed is a formal legal document used in Canadian jurisdictions to discharge a mortgage from a property's title once the loan has been fully repaid or otherwise satisfied. This document, governed by both federal banking regulations and provincial property laws, serves as official confirmation that the lender no longer holds any security interest in the property. It must comply with specific provincial registration requirements and format specifications for the relevant land registry office, incorporating necessary elements for electronic registration where applicable.

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What is a Mortgage Release Deed?

The Mortgage Release Deed is a critical document in Canadian real estate transactions, used when a mortgage loan has been fully repaid or otherwise satisfied. This document is essential for clearing title to property and is required by provincial land registry offices to remove the mortgage from the property's title. The deed must comply with both federal banking regulations and provincial property laws, including specific requirements for electronic registration in jurisdictions where applicable. When preparing a Mortgage Release Deed, careful attention must be paid to accurate property descriptions, original mortgage details, and proper execution requirements. The document may need to accommodate various scenarios such as partial discharges, multiple properties, or corporate mortgagees, and must include all necessary information for registration in the relevant land registry system.

What sections should be included in a Mortgage Release Deed?

1. Parties: Identification of the Mortgagee (Lender) and Mortgagor (Borrower), including full legal names and addresses

2. Background: Details of the original mortgage, including registration date, registration number, and property description

3. Definitions: Definition of key terms used in the document, including 'Mortgage', 'Property', 'Release Date'

4. Acknowledgment of Payment: Confirmation that the mortgage has been paid in full or otherwise satisfied

5. Release and Discharge: Formal statement releasing and discharging the mortgage and any claims against the property

6. Property Description: Legal description of the property as it appears in the original mortgage

7. Registration Details: Authorization for registration of the discharge in the appropriate land registry

8. Governing Law: Specification of the applicable provincial law governing the discharge

9. Execution: Signature blocks for all parties, including witness requirements

What sections are optional to include in a Mortgage Release Deed?

1. Partial Discharge: Used when only a portion of the mortgaged property is being released

2. Successor Rights: Used when there has been a change in the mortgagee (e.g., bank merger or acquisition)

3. Power of Attorney: Used when the discharge is being executed under a power of attorney

4. Outstanding Obligations: Used when certain obligations survive the discharge of the mortgage

5. Electronic Registration Consent: Used when the discharge will be registered electronically

6. Multiple Mortgagors/Mortgagees: Used when there are multiple parties on either side requiring additional execution provisions

What schedules should be included in a Mortgage Release Deed?

1. Schedule A - Property Description: Detailed legal description of the property if too lengthy for main document

2. Schedule B - Original Mortgage Details: Copy or summary of the original mortgage registration details

3. Schedule C - Power of Attorney: Copy of Power of Attorney documentation if applicable

4. Schedule D - Corporate Resolution: Corporate resolution authorizing the discharge if mortgagee is a corporation

5. Schedule E - Partial Discharge Plan: Survey or plan showing the portion of property being discharged in case of partial discharge

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Genie AI

Document Type

Mortgage Document

Cost

Free to use
Relevant Industries

Banking & Financial Services

Real Estate

Legal Services

Insurance

Property Development

Mortgage Lending

Construction

Property Management

Relevant Teams

Legal

Real Estate

Mortgage Administration

Property Services

Documentation

Compliance

Operations

Registration

Title Services

Customer Service

Relevant Roles

Real Estate Lawyer

Mortgage Officer

Bank Manager

Legal Counsel

Title Officer

Mortgage Administrator

Property Manager

Conveyancing Clerk

Real Estate Paralegal

Compliance Officer

Registration Specialist

Banking Operations Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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