When representing the seller, we are required by the buyer’s lawyer to provide an undertaking (a solemn promise between lawyers than must be honoured) to payout and discharge any existing mortgage or charge on title that the buyer is not taking on. As such, it is our job to contact your lender and order an official payout statement from them. This document is provided by the lender and states precisely how much money they need to payout and provide a registrable discharge of their mortgage. Our office must have this in hand to be able to provide the undertaking, and this is always reviewed with the client prior to completion. Sellers will be asked to provide their lender name, branch at which the loan was taken, any lender contact details they may have, and of course the mortgage account or reference number. So, to payout your mortgage, you need not do anything but provide us with the necessary information and we’ll take it from there.
