A Discharge of mortgage is a type of dealing, usually lodged by a bank or financial institution, after a mortgage has been repaid. On registration, reference to the mortgage is removed from the title.
The Discharge document is created in PEXA when the proprietor on title pays out their mortgage and requests the Bank to remove their name from the registered title. Alternatively the proprietor wants to refinance their mortgage with another financial institution.
The Discharge document is included in a lodgement case that is submitted to the Land Registry for registration of the discharge of mortgage.
Financial settlement data is entered into the Workspace in PEXA when the discharge involves the transfer of funds between Financial Institutions. The financial settlement has a scheduled date and time. At the prescribed financial settlement time the funds are exchanged and the lodgement case will be lodged.
All financial items must by certified and registry documents signed prior to the financial settlement date and time.
William and Sue Black pay out their registered mortgage with Green Bank. As a result, Green Bank is requested to Discharge the registered mortgage over the property.
Green Bank, as a Subscriber in PEXA, creates a new Workspace with the role of Mortgagee on Title and creates the Discharge document.
1. Create Workspace |
Green Bank creates a Workspace in PEXA and enters the following details:
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2. Prepare Documents |
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3. Certification
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4. Lodgement
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5. Lodgement Advice |
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6. Registration |
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