Mortgage and Property Title
Holding the Title and Mortgage Implications
The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full. You can request copies of the deeds at any time.
If you purchase your home without a mortgage, then your home title will be recorded by the real estate attorney or title company present when signing the home deed.
If your name is on the deed but not the mortgage, it means that you are an owner of the home, but are not liable for the mortgage loan. If you default on the payments, the lender can still foreclose on the home.
You may be wondering what happens to deeds when mortgages are paid off. The first thing you should look for after paying off your mortgage is a letter mailed to you by your lender, including key documents related to your loan.
Understanding the Property Title
A property’s title is not a single document. It’s actually a report of the documents that have been recorded for that particular property, such as deeds, security instruments, and other miscellaneous liens. Each time a document is filed on public record it becomes a part of the property’s title report or chain of title.
Documents After Paying Off Your Mortgage
When you pay off your loan, the lender should cancel and return the mortgage promissory note you signed when you took out the loan. You may also receive the canceled trust deed, which secured your loan with title to your house.
To prove ownership of a property, you will require Official Copies of the register and title plan. When the mortgage is repaid, you are entitled to have your Ownership Documents, or property Deeds returned to you.
Your Mortgagee is not entitled to hold them any longer, and will almost always return them to you after receiving your final payment.
Once your mortgage is paid off, you’ll receive a number of documents from your lender that show your loan has been paid in full and the bank no longer has a lien on your house.
Deed and Document Retrieval
How to Obtain Your Deed
Contact your lender to ask for the documents to be released. Verify with your local records office that your mortgage has been canceled.
Accessing Deeds in Pennsylvania
Homeowners should call the Recorder of Deeds office to request a copy of their documents. Some counties may offer online access to deeds for a fee. Documents related to the ownership of real estate are recorded at the Recorder of Deeds.
Bucks County deed book records are now open online, and certified copies of recorded documents, deeds, mortgages, and satisfactions are available from the “Public Access System.”
Copy of Property Deeds in Florida
You can get a copy of your deed at any time if you know where to look. If you need assistance, the Pasco Sheriff’s Office’s Records Unit provides agency records to citizens.
Deed Forms in Arizona
The Arizona deed forms are used to transfer ownership of real estate from one person to another. In accordance with the sort of transfer that is required, various deed forms are available. The Recording fee for any document is $10.00 for the first page and $8.50 for each additional page. Copies are $1.00 per page plus $2.00 for the certification.
Other Considerations After Mortgage Payment
Whoever pays the mortgage receives the tax deduction for mortgage interest. The homeowner will no longer be able to claim deductions for payments made, but the payer will.
It is possible to quit claim deed the property from one owner to the other. After paying off the mortgage, there are many documents you should receive, but whether the home deed is one of them may depend on the lender’s processes. It’s important to ensure that your mortgage note or deed of trust is appropriately released from your county’s office of land records.