The Mortgage Lien Release Document is a crucial instrument in Canadian real estate and lending practices, used when a borrower has fully satisfied their mortgage obligations or when a lender agrees to release their security interest in a property. This document must be prepared in accordance with provincial regulations and typically requires registration with the local land registry office. The release document includes specific details about the original mortgage, property description, and parties involved, with formal statements confirming the discharge of the security interest. When properly executed and registered, this document removes the mortgage lien from the property's title, allowing the owner to prove clear title or secure new financing. The document's preparation and filing requirements vary by province, but all versions must comply with local property laws and registration requirements.
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1. Document Title and Date: Clear identification of the document as a Mortgage Lien Release/Discharge and the date of execution
2. Parties Identification: Full legal names and addresses of the Lender/Mortgagee releasing the lien and the Borrower/Mortgagor
3. Original Mortgage Details: Reference to the original mortgage including date, registration number, and principal amount
4. Property Description: Legal description of the mortgaged property including street address and legal/cadastral description
5. Release Statement: Formal statement releasing and discharging the mortgage lien and confirming payment satisfaction
6. Execution Block: Signature sections for the Lender/Mortgagee with notarization/commission requirements
1. Partial Release Statement: Used when only a portion of the property is being released from the mortgage lien
2. Successor/Assignment Reference: Required when the releasing party is a successor or assignee of the original mortgagee
3. Multiple Lender Declaration: Required when multiple lenders are involved in releasing the mortgage
4. Prior Encumbrance Statement: Statement regarding any remaining prior or subordinate encumbrances on the property
5. Corporate Authorization: Required when the lender is a corporation, confirming authority to execute the release
1. Schedule A - Property Description: Detailed legal description of the property if too lengthy for main document
2. Schedule B - Partial Release Description: Detailed description of the portion of property being released in case of partial release
3. Schedule C - Corporate Resolution: Copy of corporate resolution authorizing the release, if applicable
4. Schedule D - Power of Attorney: Copy of power of attorney if the release is being executed by an attorney-in-fact
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A Canadian legal document that releases a lender's security interest in a property after mortgage satisfaction, requiring proper execution and registration under provincial laws.
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A Canadian legal document that releases a lender's security interest in a property following mortgage satisfaction, complying with federal and provincial property laws.
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