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What is involved in discharging a mortgage?

A mortgage cancellation, also known as a "discharge” in Quebec, allows you to end your mortgage. When you sell your home or pay off your mortgage in full, its registration is removed from the land registry. 

If you have a conventional mortgage, the mortgage can be written off as soon as your mortgage is paid in full.   

In the case of a collateral mortgage, the borrower must inform the lender and pay off all secured debts.  

 

Let's look at a concrete example:  

You sell your house to a new buyer before having fully paid off your mortgage. In this case, you will have to write off your mortgage. You will pay back all the money you owe the lender with part of the gain from the sale of your property.  

If your mortgage is registered in the land registry, it’ll have to be written off on resale, whether it is paid in full or in part. Once the mortgage has been written off, your property will no longer be available as security.  

 

Important:  

  • Depending on your province, you may need to contact a lawyer who will apply to your lender for a discharge on your behalf. 

 

Good to know: 

Certain legal and administrative fees may apply to discharge your mortgage. These fees vary depending on the lender and the laws of your province or territory. Contact your land title registry’s office for more information. 

 

Want to learn more? 

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