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What happens to a registered mortgage when the underlying debt is fully repaid?

Correct Answer

B) It remains on title until formally discharged

A registered mortgage remains on the Certificate of Title until it is formally discharged by the mortgagee lodging a discharge document with the land titles office. Payment alone does not automatically remove the mortgage from the title.

Answer Options
A
It automatically expires after 30 days
B
It remains on title until formally discharged
C
It converts to a caveat protecting the lender
D
It transfers to the property owner as security

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Related Topics & Key Terms

Key Terms:

registered mortgagedischargeCertificate of TitleTorrens systemformal removal
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