How Do I Remove a Paid-Off Mortgage From Title in British Columbia?
This answer covers the law of British Columbia.
How a paid-off mortgage is removed from title depends on your situation, but in BC lawyers and notaries are the designates who can certify and file land title documents electronically. The payout and the filing are two separate steps, so it is worth tracking both.
Lawyers and notaries with a Juricert digital certificate can e-sign and file most forms. Their electronic signature certifies that the signed paper copy was executed and witnessed and that they hold it or a true copy. A certified document is deemed executed on the date recorded on it, regardless of when the person signed.
Before you pay out, ask for the lender's written statement of the prepayment charge and how it was calculated. The FCAC Code of Conduct on prepayment information does not apply to mortgages for business purposes. If repayment was not due until more than five years after the mortgage date, you may pay it off after five years by paying principal, interest and three months' further interest, though that rule does not apply to mortgages given by corporations.
How long a discharge takes, what to do if a lender is slow and how to deal with an old charge depend on the facts, so a lawyer or notary can confirm the steps for your title.
Key takeaways
- In BC, a lawyer's or notary's electronic signature on a land title document certifies that the signed paper copy was executed and witnessed.
- Lawyers and notaries with a Juricert digital certificate can e-sign and file most forms.
- Before you pay out, ask for the lender's written statement of any prepayment charge and how it was calculated.
- How long a discharge takes, what to do about a slow lender and how to handle an old charge depend on the facts, so confirm them with a lawyer or notary.