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Cancellation of mortgagor deed
27-May-2023 (In Property Law)
How to cancel the mortgagor deed if mortgagor is deceased but repaid the full loan amount to the mortgagee. Original mortgagor deed is with mortgagor. Is mortgagor or legal heirs is required to cancel the deed
In a situation where the mortgagee (the lender) is deceased and the mortgagor (the borrower) has repaid the loan in full, the process to cancel the mortgage deed involves some additional steps:
Contact the Legal Heirs: It's necessary to get in touch with the legal heirs of the deceased mortgagee. They should be informed of the full repayment of the loan and your intention to cancel the mortgage deed.
Obtain a Release Deed: The legal heirs of the deceased mortgagee should execute a Release Deed or Cancellation Deed to confirm that the loan has been fully repaid and to relinquish all their rights over the property.
Register the Release Deed: Once the Release Deed has been executed, it should be registered at the Sub-Registrar's office where the original mortgage deed was registered. Depending on local regulations, stamp duty and registration fees may be payable.
Update Land Records: After the mortgage deed has been cancelled, it's important to update the land records to reflect the fact that the property is no longer mortgaged.
The mortgagor cannot unilaterally cancel the mortgage deed without the consent of the legal heirs of the mortgagee. The process needs to be followed correctly to ensure the property is legally free of any encumbrances.
Contact the Legal Heirs: It's necessary to get in touch with the legal heirs of the deceased mortgagee. They should be informed of the full repayment of the loan and your intention to cancel the mortgage deed.
Obtain a Release Deed: The legal heirs of the deceased mortgagee should execute a Release Deed or Cancellation Deed to confirm that the loan has been fully repaid and to relinquish all their rights over the property.
Register the Release Deed: Once the Release Deed has been executed, it should be registered at the Sub-Registrar's office where the original mortgage deed was registered. Depending on local regulations, stamp duty and registration fees may be payable.
Update Land Records: After the mortgage deed has been cancelled, it's important to update the land records to reflect the fact that the property is no longer mortgaged.
The mortgagor cannot unilaterally cancel the mortgage deed without the consent of the legal heirs of the mortgagee. The process needs to be followed correctly to ensure the property is legally free of any encumbrances.
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