What To Do With House Deeds When Mortgage Paid Off
What To Do With House Deeds When Mortgage Paid Off
When you pay off your mortgage, your mortgage lender will typically remove their charge, which is their legal right to secure a debt against your home.
At this point, your Title Deeds, which are paper documents showing the chain of ownership for your property, will be returned to you if you request them. The deeds will be sent to you for safekeeping, and you may also contact the Land Registry to obtain a copy of the deeds if needed.
It’s important to keep these documents in a secure place as they are crucial for proving your ownership of the property.
When you’ve paid off your mortgage, there are several steps you should take regarding your house deeds:
- Ensure the lien on your property is canceled: When you signed the loan documents, you signed a Deed of Trust, which gave your lender a lien against your property. Now that you’ve paid it in full, your lien must be canceled. It’s your bank’s responsibility to send the cancellation or release documents to the county Register of Deeds to cancel the lien
- Receive the necessary paperwork: Once you pay off your loan, the lender will send you a release of mortgage. This document is recorded or filed and gives notice that the lien is no more. You can check with your local recorder or other office to see if the lender filed the required documentation
- Obtain a Deed of Reconveyance: This type of deed transfers the title to your property from your mortgage lender back to you after you’ve repaid the loan. When you receive your deed of reconveyance, you must file the document with your local land recording office. This serves as proof that you’ve paid back your loan and now own your home
- Store your house deeds safely: It’s crucial to keep your house deeds in a secure place. You can hand your real estate deeds over to a solicitor for storage, or you can keep them in a high-quality safe at home. It’s not recommended to keep house deeds in a dresser drawer or under your bed
- Keep a copy of your deed: Even if your deed has been filed with the county recorder, it’s a good idea to keep a copy for your records. You can scan and remotely store copies of the documents if you wish
- Stay up-to-date with property taxes: Even after your mortgage is paid off, you still have financial obligations as a homeowner, most notably your property taxes
Remember, the specific process and documents involved may vary depending on your location and the specific terms of your mortgage. If you have any doubts or concerns, it’s always a good idea to consult with a real estate attorney or professional.
How Do I Get My Deed To My House After I Pay It Off? Steps After Paying Off Mortgage
To obtain the deed to your house after paying off your mortgage, you can follow these steps:
- Contact Your Lender: Reach out to your mortgage lender and inform them that you have paid off your mortgage. They will need to process the necessary paperwork to release the lien on your property.
- Request a Deed of Reconveyance: In some states, the lender provides a Deed of Reconveyance or Release of Mortgage. This document officially states that your mortgage has been paid in full, and your lender no longer has any claim to your property.
- Check the Recording of Documents: Ensure that the Deed of Reconveyance or any other relevant documents related to the paid-off mortgage have been properly recorded with the county or local land records office. This is essential for your property’s title to be updated.
- Obtain a Copy of the Deed: Once the necessary documents have been recorded, you can request a copy of your property deed from the county clerk’s office, land records office, or a title company. This will serve as proof of your ownership.
- Store the Deed Securely: Keep the deed in a safe and accessible place, such as a fireproof safe or a safety deposit box, to prevent loss or damage.
It’s important to be proactive in the process, as it may take some time for the lender and local authorities to complete the necessary paperwork and update the records. Additionally, consult with a real estate attorney or title company if you encounter any difficulties during this process.
How Long Does It Take To Get House Title After Paying Off The Mortgage?
The time it takes to receive your house title after paying off the mortgage can vary depending on several factors, including the efficiency of your mortgage lender, local government procedures, and the specific circumstances of your mortgage.
Here’s a general timeline of the process:
- Payment Confirmation: Once you’ve paid off your mortgage, your lender will need to confirm the final payment and verify that all outstanding balances, including interest and fees, are settled. This typically takes a few days to a couple of weeks.
- Document Preparation: Your lender will prepare the necessary documents, such as the Deed of Reconveyance or Release of Mortgage, to release their claim on your property. This document officially acknowledges that the mortgage has been paid off. This step may take a few weeks.
- Recording: The lender will then submit the prepared documents to the county or local land records office for recording. The recording process can take anywhere from a few days to a few weeks, depending on local government efficiency and workload.
- Receipt of Title: After the documents have been properly recorded, you can request a copy of your property title from the county clerk’s office or land records office. This step might also take a few days to a couple of weeks, depending on the office’s processing time and your request method.
Overall, the entire process of receiving your house title after paying off the mortgage can take several weeks to a few months. It’s important to stay in communication with your lender and the local authorities involved to ensure the process goes smoothly.
If you’re in a hurry to obtain the title for a specific reason, it’s advisable to inquire about the status and expedited options with the relevant offices.
