Requirements for the cancellation of the mortgage
When the mortgage is paid, you have the right to have the property documents, or deeds, returned to you. Your mortgagee has no right to hold them any longer, and will almost always return them to you after receiving your final payment. But if the property is registered, there are no ownership documents or deeds to return, as the Land Registry stores them electronically on their computers and does not automatically send you a copy. Therefore, if your property is registered, you must request online a copy of the Registry of Titles and the Plan of Titles, which are your ownership documents.
When the last payment on a mortgage is made (known as a mortgage redemption) the mortgagor is no longer entitled to a recorded lien on his property, as he no longer needs collateral to pay off the debt.
The usual practice is that the mortgagee sends you the deeds of your property at the time of amortization, if the property has not been registered in the Property Registry, and then you must decide whether you want to keep the deeds or request registration. volunteer. If you decide to apply for voluntary registration, you will need to hire a lawyer to do it for you, as you will need to prove to the Land Registry that you have a good root of title. A good root of title simply means that you can trace an unbroken chain of ownership back to you from someone else who owned the property at least 15 years ago. Your lawyer will also have to show that none of these owners lost their right to the property, for example, through bankruptcy. All of this is routine practice for a lawyer, but often beyond the insight of ordinary people like you and me.
Cancellation of the mortgage payment
Francisco is an experienced lawyer who has been representing English speakers in Spain for almost 30 years. He is specialized in Civil Law (family, inheritance, contracts, claims, insurance claims and property claims), Commercial Law (company formation) and Labor Law.
Angela has more than 20 years of experience as a practicing lawyer in Spain. She has assisted English-speaking clients throughout her career in real estate, business law, immigration, as well as in areas that so often touch the lives of foreign residents, such as family law and of inheritance.
Francisca is a highly experienced attorney with 15 years of experience assisting English-speaking clients in various fields, including real estate law, and has an impressive academic background that includes masters in family law and criminal law. Francisca spent five years living in London and has maintained a very high level of English to this day.
Philippines Mortgage Title Cancellation
On October 11, 2021, the Real Estate Modification (Certificates of Title) Act 2021 came into force, abolishing Certificates of Title (CTs) and the right to deal (CoRD) control framework. All existing TCs have been canceled and TCs will no longer be issued. Existing TCs will not need to be submitted, nor will the CDR holder's consent be required, to register an operation or plan. All existing guidelines subject to this change are currently being reviewed and will be updated to reflect these changes. For more information on TC suppression, see
Note: Electronic filing is mandatory for all transactions involving only stand-alone mortgage discharges and signed mortgages as of March 1, 2017 or the combination of mortgage and mortgage discharges when all mortgagees are authorized depository entities ( ADI) and the operations are signed as of August 1, 2017.
E-filing is required for all transactions involving only stand-alone mortgage discharges or combination of mortgage discharges by all mortgagees signed on or after July 1, 2018, and any combination of principal transactions signed on or after July 1, 2019.
Meaning of mortgage cancellation
Since the application for the registration of the property title usually contains errors due to the formal rigor of the property registry legislation and, therefore, there is a risk that the application must be corrected and/or that the application for registration is denied , it is reasonable and advisable to obtain the advice of a lawyer or notary when drawing up the agreement and carrying out the registration.
In general, the application for registration in the land registry – together with the necessary documents – must be submitted to the corresponding district court electronically. Only in simple cases, applications for registration in the property register can also be entered in the court file.
The value of the right to register title and lease is determined by the price that would normally be received in the normal course of business (= market value). In the case of sales contracts, it is usually the purchase price. However, preference is given to the following:
The value of the property title registration right to acquire a pledge right is determined using the nominal value of the amount to be collected (maximum amount), including a guarantee to cover ancillary costs.
