You have accomplished the Australian dream of owning property – the mortgage is paid off – a life goal, done and dusted! Or so you would think. Paying off the final mortgage repayment isn’t as final you may think. Your financier won’t always automatically release your property from the mortgage.
We have had cases where a client has been under the impression that once their loan is paid off, their financier will automatically release the mortgage over the property. This is often not the case.
If you know that you have paid out your mortgage, also ensure that your financier has prepared a Release of Mortgage and that it has been registered at the Titles Office.
We recommend that when your mortgage has been paid off, and before you list your property for sale, you obtain the Release of Mortgage document from your financier and lodge it at the Titles Office with the nominated fee. This will ensure that your property is fully unencumbered prior to the settlement being affected, as delays which may occur if a mortgage hasn’t been released could result in expense for you, the Seller.
Talk with our Conveyancing team regarding the lodgement of these documents to ensure there are no delays in your settlement when selling. Call 1300 428 947 or contact firstname.lastname@example.org today.