Hello Vaughn, in Canada when your mortgage is paid off completely the bank will send a discharge of mortgage document into the registry office to state that there is no longer a lien on your property. It will be free and clear and your title will be clean. This means when you sell you will realize all of your equity minus any costs of selling. The bank may charge you a discharge fee of $250 to cover paperwork costs and the cost of the discharge registration. It would be a good idea at that point to get a secured Line of Credit against your property. Once its set up there are no other costs involved unless you use the line of credit. This is a good idea for 2 reasons. First off the interest rate for a secure line of credit is lower than an unsecured line of credit, a loan and definitely lower than any credit cards so if you are going to carry a balance for any reason it should be on the secured line of credit. The second reason is more for your protection as a home owner. When you get a secured line of credit the bank can register the product against the title thereby locking that equity in. What I mean by that is if some fraudster is trying to place a mortgage on your property without you knowing it (it does happen unfortunately) then there is no room for the unsuspecting bank to place a mortgage on your property because there is a mortgage already there. Remember since we are talking about a line of credit you will pay nothing to have it activated and you do not ever have to use it, this way you will not pay any interest on it if you leave the balance at zero. I hope this answers you question. If you or any reader have any other questions please do not hesitate to contact me at any time. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 www.centum.ca/abraham_niyazi/ I deal with 25 Lenders/Banks and can do mortgages across Canada except Quebec.

Do not forget to register the discharge with the registry office as this is your responsibility not the bank. The discharge comes from the bank but to make sure that the lien is removed from your property, it has to be registered. You now own the propery fully without any mortgage. Hope this helps.

Ask for a discharge from the lender and register the discharge with the land registry to erase this lien holder from the title. Your title is now clean of the 2nd mortgage lender.

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We own a 4 bedroom house on 10 acres.my husband is 68 and in poor health.how would i list that we would down size the house and acres.for one in weather.our house is paid in full.maybe someone with a expanding family this house would be great.how would i go about list like this?and do you think anyone out there is looking for a larger house?i cant afford to take out a ad in a paper or anything like that.7 acres is wooded so hunting they could do thank you

Residential real estate trades for the types of property you describe, given the potential geographical distance between them, are extremely difficult to find and arrange. Best advice is to sell your property outright, and then go look for property to buy in a new location. It sounds like you do not have much real estate experience, so it will be worth your while to rely on the help of an experienced local real estate agent. They can help you sell your property and network with other agents in a new location to help you find a new piece of property. It doesn't cost a cent to talk to them, so if I was in your position, I would talk to friends and neighbors for a recommendation. Good luck with your real estate endeavors.

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The person who bought the house paid 1.92 lakhs out of 7.25 but due to his papers not alright couldnt acquire a bank loan and is not ready to cancel the registration either. how do i go ahead?

Contact your real estate broker, they're usually experienced with things like this. My understanding is that usually there's a clause in the selling agreement that if the buying party can not full fill the payment required the transaction may be canceled.

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After six weeks on the market, excellent open house traffic, complements galore, but no offers, i am starting to think that the only way to find a serious home buyer is through a buyer's agent. how can i get buyers' agents to show their clients my house when there are so many listed houses right now? i have already been in contact with an agent whose buyers dragged her to our open house when they were supposed to be looking at a house across the street. even though we were one of the clients top picks and we have offered to pay commission to her (nothing specific yet), she seems to be discouraging her clients from purchasing our property. will this be common? also, how can i let realtors know that they are welcome. i have just added the information to my website and to my flyers. should i advertise this in the paper as well? listing is not an option, as our realtor (as buyers) looked at the numbers and said there just isn't enough room to pay the full 6% commission.

Most agents use only one source to find homes for their clients, the MLS. This way they can truly compare teh properties for their clients, have easy access to tax records, etc. They aren't out reading your flyer unless they are thinking about recruiting you to open a listing with them. Sorry, but that is how it is. You can get away with listing with a "helper" agency, it cost about 5k. Sometimes that is pretty darn close to 3%. From there you have to at least offer the standard 3% to the buyers agent, more helps. Also, remember that the agents are going to hesitate because they know they are going to get stuck with 100% of the mountains of paperwork, as wellas make sure you do all of the inspections/disclosures. etc that go into selling a home. Most FSBO have no clue what they are doing and it will be that poor agent who will be nailed to the wall if you do anything illegal in the sale because they are the ones holding the license. Also, just because someone ohs and ahs over your house does not mean poo-poo, certainly not "top picks". We are culturely conditioned to compliment each others children and homes in the US. The comments would be entirely differant if you were not hovering about. Since you seem to know what what said between the agent and the buyer I think I am correct, you hover about. If you do nothing else, STOP HOVERING!! People will not be able to talk to each other with you breathing down their necks. It makes people uncomfortable. Let your house sell itself and stay back when people are looking. Even good agents know to give the buyers space to look on their own.

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I live in a different country from the one i want to purchase my house in but i have no time to go in person to buy it do i have to show to sign papers even if im paying the full amount?

your lawyer can handle it... he'll need power of attorney to sign for you....

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I recently purchased a home for cash in nc. i was out of state at the time, used an attorney. i wired the cash ($325,000) into the attorney's trust account. the only paperwork i had to sign to complete this insurance was the settlement sheet. it listed all the charges and who pays for what etc. typical. i did order and title insurance as was listed on the settlment sheet only! i asked the attorney why there were not more papers required for me to sign and he stated that since it was a cash deal, that was it, just a short two page settlement form. does this sound right to you? seems like i would be signing a deed transfer form or something since i paid full cash price for the home? would i not also have to sign some forms for the title insurance verifying a clear title? i just find it hard to believe that all i signed was one page? and it was faxed at that. should i worry and what should i ask the attorney for?

Since you conducted an all cash transaction there are a hell or a lot of papers that are unnecessary for you. Now I would ask the attorney for a clear title to the property you have just purchased from a title company. You should also have escrow closing documents, indicating any and all other charges that were paid by you to close the transaction, even if they were paid for by the seller. The other document you should have is an insurance policy and the tax documents transferring the property to you and it should show as being paid. You might also inquire about the check he wrote from his trust account to the escrow for payment of the property. I hope this has been of some use to you, good luck. "FIGHT ON"

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We are buying my mother in laws house on a rent to own contract. we drew up papers and my husband and i signed and my mother in law and my nephew who is the executor for her. we are paying a monthly amount until the house is paid for. she owes a smaller amount to the bank than what we are purchasing the house for. my question is this, if my mother in law passes away before the house is paid in full who would sign the house over to us. she is going to after we have paid the full amount but in the case of her death we want to make sure it can get signed over. would the executor be able to do this? thanks

uh...no one. If she passes away, unless there is insurance on the mortgage, it may well have to be sold to pay off the outstanding loan and your unrecorded interest will be subject to a court battle. You need to have the terms of the land contract fulfillment in case of her death incorporated into the will. In which case, the executor can sign it over

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The house which was in my father's name and now that he is no more my mother want to get the house transferred in her name. the house is located in india in gujarat state - ahmedabad city my father passed away 2 years ago. he took housing loan and paying monthly installment and when he died loan payment was pending, so we paid remaining loan amount from his pf amount and settled all the account so now we dont have any debt. the finance company which granted us loan returned all the papers of house on the full payment of loan. now my question here is how do we transfer the house in my mother's name. we receive light bill still in father's name so what can we do so that it comes in mother's name? fyi - my father didn't left any will so by default the house will belong to my mother but what legal procedure we have to follow to get the house transfer in her name. please give me advice. i posted my question here so that i can get good advice as to what legal procedure we have to follow to transfer the house in my mother's name. please anybody who is from india and know the legal procedure of transfering house please suggest me. thanks for your reply. if i have to consult a lawyer or property adviser i wouldn't have posted querry in yahoo answers. i would consult a property adviser if required but i want to know the procedure of transferring the ownership. anyways after father's death my mother bydefault becomes the owner of his property becuase she was his wife and my father also didn't left any will so my mom bydefault become owner. also we are staying in the same house left by my father but i just want to know what legal procedure or what documentation we have to follow so that ownership is transferred legally on paper in my mom's name. please please please any lawyer or any one who knows the legal procedure about property ownership transfer in india please provide me advice. thanks mr. veer, i have one more question. we are three siblings and my brother is minor - 14 year old, so in this case can my brother being a minor release a deed in favor of my mother? when my mother become an absolute honor i.e. when ownership of house is transferred solely in her name, after that can she make a will and mention in that that she would like to transfer the ownership of the house in the name of any one or two of the children or by default the house will be inherited by all the three children of her??? i would be grateful to one who answer this. thanks

When your father has not left any Will, then the property is inherited by all legal heirs of your father. Apply for Legal Heir Certificate by producing Death certificate to the Revenue Authorities of your locality. Your Mother and all children will be legal heirs. Showing this Legal Heir Certificate to the local municipal authorities, you can get the name transfer in property card, Electricity card etc. For transferring the full title to your mother, all other legal heirs should execute a Release Deed in favour of your mother relinquishing the rights over the inherited property in favour of your mother. This entitles your mother an absolute owner of he property. Edit: Minor can not release his rights. For the time being you two siblings who are major can execute the Release Deed in favour of your mother. Your Minor Brother's share is automatically held in the name of mother only as a Mother and Natural Guardian. So for name transfers, this will be sufficient. Once your younger brother attains Majority, he can release his share in favour of his mother. Then your Mother is absolute owner with all rights. Then she can write Will or sell it or gift it to any one of her choice.

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The house which was in my father's name and now that he is no more my mother want to get the house transferred in her name. the house is located in india in gujarat state - ahmedabad city my father passed away 2 years ago. he took housing loan and paying monthly installment and when he died loan payment was pending, so we paid remaining loan amount from his pf amount and settled all the account so now we dont have any debt. the finance company which granted us loan returned all the papers of house on the full payment of loan. now my question here is how do we transfer the house in my mother's name. we receive light bill still in father's name so what can we do so that it comes in mother's name? fyi - my father didn't left any will so by default the house will belong to my mother but what legal procedure we have to follow to get the house transfer in her name. please give me advice. i posted my question here so that i can get good advice as to what legal procedure we have to follow to transfer the house in my mother's name. please anybody who is from india and know the legal procedure of transferring house please suggest me. thanks for your reply. i just dont understand people who don't have any knowledge in transfer of ownership of property or people who don't belong to india why they are replying to my question. if you read my question properly i have only asked for suggestions from people who belong to india and have knowledge of legal procedure of transferring house ownership. if you don't have knowledge, or you are not from india and don't know about indian legal procedure than please don't unnecessarily waste your time to reply my question. and please do not post spam or irrelevant replies. if i have to consult a lawyer or property adviser i wouldn't have posted querry in yahoo answers. i would consult a property adviser if required but i want to know the procedure of transferring the ownership. anyways after father's death my mother bydefault becomes the owner of his property becuase she was his wife and my father also didn't left any will so my mom bydefault become owner. also we are staying in the same house left by my also we are staying in the same house left by my father but i just want to know what legal procedure or what documentation we have to follow so that ownership is transferred legally on paper in my mom's name. please please please any lawyer or any one who knows the legal procedure about property ownership transfer in india please provide me advice.

Firstly, let me tell you that your understanding that as your father died intestate, now only your mother can become the sole owner is not correct. The wife, sons, daughters are equally entitled to claim shares in the property of deceased who died intestate. Of course any heir can waive his claim by executing release deed. Now all the heirs of your father should submit application to Revenue Dept. along with death certificate and also with affidavit that there are no heirs except mentioned in the application. It is the duty of concerning revenue employee to verify the heirs mentioned in the application along with affidavit. If all the heirs are ready to transfer the property in the name of your mother, other heirs may execute release deed and submit it to the Revenue Dept.