Im from ontario canada
2007-11-11 11:12:49 · 19 answers · asked by truekicks 1 in Business & Finance ➔ Renting & Real Estate
The sky opens up and you go shopping. No lawyer necessary.
2007-11-11 11:15:53 · answer #1 · answered by Michael 3 · 0⤊ 2⤋
No, the bank will automatically send you the Title Deed that they have been holding as collateral until you paid the house off. You don't need a lawyer, and don't let any of them say you do. It may be the bank, or the mortgage company, but whoever holds the deed automatically sends it. If you don't hear within a month, call the place where you made the payments, and they will get it sent to you. Congratulations when you make that last payment. Go and do a dance!
2007-11-11 11:17:12 · answer #2 · answered by dutchlady 5 · 0⤊ 0⤋
No, you won't need a lawyer; but have you thought about where you would keep the title deeds of the property once you have paid the last mortgage payment?
Some people like to keep the smallest amount outstanding on their mortgage, so that the bank will still keep the title deeds safe for them.
2007-11-11 11:38:46 · answer #3 · answered by Nelly 5 · 0⤊ 1⤋
In the US, you will receive a copy of the release of mortgage, showing that it is paid in full. That's it- no need for a lawyer. As far as I know, Canada is the same.
2007-11-11 11:15:45 · answer #4 · answered by sarah jane 7 · 0⤊ 0⤋
No the bank or entity carrying your mortgage will render a fulfilled title to the county tax assessor. They should send you a correct title. Much like with a car. If they do not see your mortgage company.
2007-11-11 11:19:02 · answer #5 · answered by nutsfornouveau 6 · 0⤊ 0⤋
Well....you wont need a Lawyer for starters and you will recieve confirmation that you have paid in full and last but not least you will get the title to the property... the deed.
2007-11-11 11:21:53 · answer #6 · answered by ammoconfidential 3 · 0⤊ 0⤋
in the u.s. we get a final notice of mortgage settlement, where the mortgage note is discharged and lean is released. we owned the deed already so this does not call for a lawyer.
2007-11-11 11:17:23 · answer #7 · answered by ab dominance 5 · 0⤊ 0⤋
The mortgage company will send you the payment contract you signed many years ago and it will be stamped "PAID IF FULL". Don't forget to transfer the beneficiary on your homeowners insurance policy to your name. Congratulations.
2007-11-11 11:19:50 · answer #8 · answered by Anonymous · 1⤊ 0⤋
In the US, you have a party. You don't need a lawyer. The bank will send you a document that says your loan is paid in full.
Congratulations!
2007-11-11 11:16:39 · answer #9 · answered by chris_at_lucas 3 · 0⤊ 0⤋
The lender discharges the loan and sends you the mortgage marked paid.
you don't need a lawyer.
2007-11-11 11:16:24 · answer #10 · answered by Dan H 7 · 0⤊ 0⤋
You do not need a lawyer. It may take months to get the paid in full papers but they will be forthcoming!
2007-11-11 11:16:32 · answer #11 · answered by trop 4 · 0⤊ 0⤋