Get Adelaide Bank Discharge Form

Discharging your mortgage isn't complicated - the steps are as follows: Notify your lender: Reach out to your lender and discuss your plans to release the mortgage with them. ... Complete and return the Discharge Authority form: ... Register your discharge and Certificate of Title:

When you pay off your mortgage and meet the terms and conditions of your mortgage contract, the lender doesn't automatically give up the rights to your property. There are steps you need to take. This process is called discharging a mortgage.

How long does it take to discharge a mortgage? Generally it takes between 14-21 business days to complete the discharge process. At one stage it took less time, around 10-14 business days, but these days more people are refinancing their home loan so there are more discharges taking place.

Attached to the title is your mortgage deed — called a Standard Security. To give you a clear title to the property, a Solicitor must prepare a Deed called a Discharge which removes the mortgage attached to the property and gives you a clear title.

Discharge Statement">Discharge Statement A statement provided by your existing lender that outlines the amount required to pay off a mortgage. The discharge statement is requested when you plan to pay the mortgage off in full.

A formal deed of release follows the mortgage discharge letter, although sometimes it takes several weeks for this document to come through. The release is similar to a quitclaim deed. By signing it, the lender transfer all its rights and interest in the property back to the borrower.

When your mortgage is paid off you need to clear the title of the property by discharging the mortgage. This is done by recording a document at the Registry of Deeds usually called either a “Discharge of Mortgage” or a “Satisfaction of Mortgage.”

You, your lawyer or your notary must discharge the mortgage and add your new lender to your property's title. Some lenders charge other fees, including assignment fees when you switch to another lender. Ask your new lender if they will cover the costs of a mortgage discharge.