Real Estate

Payed off mortgage - Copy of deed or statement?

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  • Nov 7th, 2020 8:27 am
[OP]
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Nov 2, 2002
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Toronto

Payed off mortgage - Copy of deed or statement?

I paid up my mortgage last month by a lump sum prepayment. Mortgage no longer appears in Scotia online banking. Is the bank supposed to send me my deed or some sort of paid up letter?
Celebrating 19+ years on RFD!
8 replies
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Jan 15, 2017
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Ottawa
You got the deed to your home when you bought it. Generally you would receive a letter from the bank with the release of the lien against title. But, that depends on what type of mortgage you have with the bank. Scotia has its STEP and if you have other products registered against it, you may not receive the letter. I suggest you follow up with Scotia to see what you can expect.
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Aug 14, 2020
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wysiwyg wrote: I paid up my mortgage last month by a lump sum prepayment. Mortgage no longer appears in Scotia online banking. Is the bank supposed to send me my deed or some sort of paid up letter?
Congratulations!!

The Discharge isn't automatic. Here is a LINK from Canada.ca explaining the discharge and how to get one.
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[OP]
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Nov 2, 2002
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Thanks both for the info/link. I do have a HELOC account tied to the mortgage (although with $0) borrowed. Plus I have the Scotia Card linked to the STEP for the reduced annual fee. Might be time to close these once and for all.
Celebrating 19+ years on RFD!
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Jun 8, 2009
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Good job on this milestone.
One thing to keep in mind is that you should keep a line of credit available to you...just in case you need it one day. If at that point you don’t have the credit facility, you will need to apply and qualify for it. Which means you will need to have income, get an appraisal etc.
As far your paid mortgage though, get a written confirmation from the bank that it has been paid off in full.

wysiwyg wrote: Thanks both for the info/link. I do have a HELOC account tied to the mortgage (although with $0) borrowed. Plus I have the Scotia Card linked to the STEP for the reduced annual fee. Might be time to close these once and for all.
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Aug 18, 2005
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IME it takes a month or two, but TD sent me papers confirming the discharge when the mortgage was paid off.

This was an error though. I had actually re-financed out of TD, but they screwed up and released the lein. So for a while, I had a mortgage but was lein free. Face With Tears Of Joy
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Oct 16, 2008
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Vaughan
You should have the deed when bought the house, the lawyer should had handled this. Mortgage is with bank, even you finished paying off mortgage, they will send you a letter that mortgage is done and discharged.
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Jr. Member
Jun 8, 2009
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Toronto
The OP mortgage is/was registered as “collateral” so it will not be discharged until he closes his heloc and visa that are tied together.
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Aug 14, 2020
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wysiwyg wrote: Thanks both for the info/link. I do have a HELOC account tied to the mortgage (although with $0) borrowed. Plus I have the Scotia Card linked to the STEP for the reduced annual fee. Might be time to close these once and for all.
You've got it. They can't discharge it if you still want access to the HELOC. That's the HE part of the HE-LOC Winking Face

That's a decision you have to make. Discharge vs. access to funds at a reasonable rate.
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