Mortgage Cancellation

Mortgage Cancellation Deed:

Your Property, Finally Free

With a notarized and registered Mortgage Cancellation Deed, you prevent future complications when selling, inheriting, or refinancing your home. Simply put, this deed officially informs the Property Registry: “This debt has been paid. This property is free from mortgage.”

A Mortgage Cancellation Deed is a notarized document formally certifying that your mortgage loan has been completely repaid. This document removes the lien previously placed on your property, officially freeing it from encumbrances in the Property Registry.

Imagine your mortgage as a contract granting certain rights to the bank over your property while you repay your loan. The Mortgage Cancellation Deed is the official instrument that breaks that bond, declaring you’ve fulfilled your part of the agreement and that the property now belongs entirely and unrestrictedly to you.

Why is completing this procedure essential?

Many people mistakenly assume the process concludes when the last mortgage payment is made. However, without the Mortgage Cancellation Deed properly registered in the Property Registry, your property will continue to appear as encumbered, potentially leading to significant future issues:

• Obstacles in sale: Potential buyers might withdraw upon discovering active liens on the property.
• Inheritance complications: Your heirs may face complex and costly legal procedures.
• Difficulties securing future financing: If you wish to use your property as collateral for another loan, unresolved liens will be a major impediment.
• Legal uncertainty: Without this document, there’s a theoretical risk that the lending institution could still assert claims against your property.

Step-by-step Process

1. Promissory Note Retrieval:
   Once your loan is fully paid, the financial institution will provide the original cancelled Promissory Note.
2. Deed Preparation:
   The Mortgage Cancellation Deed is prepared, complying with all required legal provisions.
3. Execution:
   We sign the deed, officially documenting the lien’s cancellation.
4. Submission and Registration:
   The deed is submitted to the Property Registry for official recording of the cancellation.
5. Final Delivery:
   You receive a certified copy of the deed as proof of the effective cancellation.

Let’s Talk!

Call 787-731-6987 or fill out this form and I will get back to you as soon as possible.

Don’t entrust this important procedure to inexperienced hands. Allow me to accompany you as you achieve your dream of becoming an unencumbered property owner.
Contact me today for personalized guidance.