28 Oct Discharging the mortgage on title
When entering into a contract of sale, the seller should immediately notify their bank so that they can commence the process of discharging the mortgage.
Time frames for each bank to prepare the release documents varies but often settlement is delayed as a result of the discharging bank not finalising their processes in time.
Is your mortgage paid off? We suggest checking with your bank anyway to ensure that the mortgage has been removed from the title to avoid the disappointment and potential consequences of settlement delays.
Please contact our office should you require any assistance.
See also: OWNit Conveyancing frequently asked questions.
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To learn more about when the owner of a property has passed away, contact OWNit Conveyancing on 1300 553 750.