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The mortgage note specifies the monthly payment and how long the payments will last. At closing, the mortgage note will show the amount you're borrowing, the interest rate, any prepayment penalties, and the consequences for late payment or default. It's a legally binding contract that you should review carefully.

Release of lien Once you've paid off your loan in full, your lender will send a document to the county or city registry office notifying them that your title is now clean. That means the lien the lender attached to the property when you got your mortgage is no longer valid.

Once a deed has been recorded by the County Clerk's Office, copies of the deed may be requested if the original deed has been misplaced. Plain copies can be found by using the Official Public Records Search and selecting "Land Records". A certified copy may be purchased through request either in person or by mail.

The Mortgage or Deed of Trust is a legal document in which the borrower transfers the title to a third party (trustee) to hold as security for the lender. When the loan is paid in full the trustee transfers the title back to the borrower.

The closing (also called the completion or settlement) is the final step in executing a real estate transaction. It is the last step in purchasing and financing a property. On the closing day, ownership of the property is transferred from the seller to the buyer.

SYNOPSIS You collect all your original documents from your lender. Obtain a 'no dues' certificate from your lender. Get lien on property removed. Obtain the updated Non Encumbrance Certificate. Your credit records are updated.