Are you one of those who will soon post the “SOLD” sign in front of your property?
If so, be sure to add the discharge fees and fees to your budget. What is a receipt? A receipt is an act by which a person to whom you owe money confirms that your debt is paid in full.
In real estate, this implies that your lender releases your property. He renounces taking it as collateral and selling it in the event of a default. The lender is often your financial institution, and getting a discharge is the only way to assure your buyer that their new property won’t be foreclosed to pay off your debts.
Who is responsible for obtaining it? Promises to purchase generally state that the seller is responsible for obtaining the discharge from your lender. He has to pay the related costs and fees, which usually amount to several hundred dollars. Even if it is you who pay to obtain the discharge, it is your buyer who chooses the notary who will do the deed of sale, the mortgage and your discharge. How do you get your discharge?
To obtain a discharge, the notary performs several steps: He obtains the balance of your mortgage loans from the lender. He obtains a written commitment from the lender to sign the discharge act when he receives the last sums due. He submits a draft deed of discharge to the lender once everything is fully paid off. He has the deed signed by an authorized representative of the lender. He has the signing of the deed certified by an official. He publishes the deed of discharge in the land register to let everyone know that your mortgage is inactive. On your side, you have nothing to do other than give the mandate to the notary.
Remember: Even if the buyer pays Are you one of those people who will soon be posting the “SOLD” sign in front of your property? If so, be sure to add the costs and discharge fees to your budget. What is a receipt? A receipt is an act by which a person to whom you owe money confirms that your debt is paid in full.
In real estate, this implies that your lender releases your property. He renounces taking it as collateral and selling it in the event of a default. The lender is often your financial institution, and getting a discharge is the only way to assure your buyer that their new property won’t be foreclosed to pay off your debts. Who is responsible for obtaining it? Promises to purchase generally state that the seller is responsible for obtaining the discharge from your lender. He has to pay the related costs and fees, which usually amount to several hundred dollars.
Even if it is you who pay to obtain the discharge, it is your buyer who chooses the notary who will do the deed of sale, the mortgage and your discharge. How to obtain your discharge? To obtain a discharge, the notary performs several steps: He gets the balance of your mortgage loans from the lender. He obtains a written commitment from the lender to sign the discharge act when he receives the last sums due. He submits a draft deed of discharge to the lender once everything is fully paid off. He has the deed signed by an authorized representative of the lender. He has the signing of the deed certified by an official. He publishes the deed of discharge in the land register to let everyone know that your mortgage is inactive. On your side, you do not have to do anything other than to entrust the mandate to the notary. Remember: even if it is the buyer qthe notary for the deed of sale, you will have to foresee sums to pay for get your receipt.
Source: Éducaloi
