Release Of Mortgage Template for New Zealand

A Release of Mortgage is a crucial document in New Zealand's property and banking sector, used when a borrower has fully repaid their mortgage or when a property is being refinanced. This document is required under New Zealand law to formally discharge the mortgage from the property's title and must be registered with Land Information New Zealand (LINZ). The release confirms that the mortgagee (usually a bank or financial institution) no longer holds any security interest in the property and releases all claims arising from the mortgage. It must include specific details about the mortgage, the property, and the parties involved, and must be executed in accordance with the Land Transfer Act 2017 and related regulations. The Release of Mortgage is essential for property owners to obtain clear title to their property and is often required in property sales, refinancing, or when loans are fully repaid.

1. Parties: Identifies the Mortgagee (lender) and Mortgagor (borrower), including their full legal names and addresses

2. Mortgage Details: Specifies the mortgage number, registration date, and land title reference numbers affected by the release

3. Release Statement: Formal statement declaring that the mortgage is fully satisfied and discharged, and that the Mortgagee releases all rights and interests in the property

4. Execution Block: Space for signing and witnessing of the document, including certification requirements for land registry purposes