So the big day has arrived and you have finally paid off your mortgage. Good for you! But there is one more thing that needs to happen to be completely free of your mortgage. The title of your house needs to be cleared.
Once you have repaid your mortgage, the mortgage should be removed from the title of your home. The mortgage company will charge you to prepare this document, called a “Release”.
Typically, you do not need to take any action once a mortgage has been paid off as most mortgage lenders will electronically file the Release document with the Land Title and Survey Authority of British Columbia (LTSA) to remove a paid off mortgage on your behalf. However, there are rules in BC that speak to how quickly the release must be provided to you if you request it and the maximum you can be charged for it. The law in BC requires:
- That the mortgage company provides you with the Release within 30 days (once the mortgage is fully repaid and you’ve requested the Release document)
- That the mortgage company/credit grantor charges you no more than $75 to prepare the Release document
If you are charged more than $75 or it takes longer than 30 days, please submit a complaint to our office for review.
Please keep in mind that registered property owners are not permitted to change a mortgage on title, either in person or by mail to a land title office. To change or add a new mortgage to your title, the LTSA recommends you hire a lawyer or notary public to assist you.
What else is there to know?
If you wish to verify the Release document has been filed with the LTSA, you must contact your lender directly. They may provide you with a State of Title Certificate as proof of the change.
Alternatively, to confirm if a mortgage is listed on title, you may order a copy of the title through myLTSA Explorer. The title lists the mortgage number, date and time it was registered on title, and the lender name. If you are looking for details about your mortgage, it is best to contact your lender.
Enjoy living mortgage-free!