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A Release of Mortgage formally ends a lender's claim on a property after the borrower has fully paid their loan in the Philippines. This legal document cancels the mortgage lien and returns full ownership rights to the property owner, allowing them to sell, transfer, or take out new loans against the property.

Under Philippine banking regulations, lenders must provide this release within 30 days after complete loan payment. The document needs notarization and registration with the Registry of Deeds to officially clear the property title. Smart borrowers often request this release right after making their final payment to avoid future complications with property transactions.

Get your Release of Mortgage right after making your final home loan payment in the Philippines. This timing matters because you'll need this document to prove you own your property free and clear, especially when selling it or applying for a new loan. Most Filipino banks require seeing this release before approving any new financing on the property.

Real estate developers and property investors often need these releases when dividing larger properties or refinancing multiple units. The document becomes essential during inheritance proceedings too, as heirs need clear proof that no bank has claims on the property. Remember to register it with the Registry of Deeds to make it legally binding.

• Full Release: Completely removes the mortgage lien after full loan payment, the most common type in Philippine real estate
• Partial Release: Removes the mortgage from just a portion of the property, useful when subdividing or selling part of mortgaged land
• Conditional Release: Removes the lien only after specific conditions are met, often used in property development
• Re-recorded Release: Corrects errors in previously filed releases, ensuring proper documentation with the Registry of Deeds

• Lending Banks: Must prepare and issue the Release of Mortgage once borrowers complete their loan payments, following Philippine banking regulations
• Property Owners: Request and receive the release to confirm their full ownership rights after paying off their mortgage
• Notary Public: Authenticates the release document and verifies the identities of signing parties
• Registry of Deeds: Records and maintains the official release documentation, updating property records accordingly
• Real Estate Brokers: Often assist clients in obtaining releases to facilitate property sales or transfers

• Loan Details: Gather the original mortgage document, loan account number, and final payment confirmation
• Property Information: Collect the property title number, exact location, and technical description from Registry of Deeds
• Party Information: Compile complete names and details of both lender and borrower as they appear on mortgage
• Document History: Note the date and details of mortgage registration with Registry of Deeds
• Verification Steps: Confirm all loan obligations are fully satisfied and get bank certification
• Notarial Requirements: Prepare valid government IDs and documentation for notarization

• Property Description: Detailed technical description matching the title certificate exactly
• Mortgage Details: Original mortgage date, registration number, and loan amount
• Party Information: Complete legal names and capacities of lender and borrower
• Release Statement: Clear declaration that the mortgage is fully satisfied and cancelled
• Authority Statement: Confirmation of the lender's authority to release the mortgage
• Execution Block: Signature spaces, notarial section, and witness provisions
• Registry Details: Reference to property registration data and title number

A Release of Mortgage differs significantly from a Release of Lien in several important ways under Philippine law. While both documents remove claims against property, they serve distinct purposes and apply to different situations.

• Scope of Release: A Release of Mortgage specifically cancels a bank's claim after full payment of a mortgage loan, while a Release of Lien can remove various types of property claims, including construction liens or tax liens
• Required Parties: Mortgage releases involve the lending bank and borrower, while lien releases can involve contractors, suppliers, government agencies, or other creditors
• Registration Requirements: Mortgage releases must be registered with the Registry of Deeds, while some lien releases may only need filing with specific agencies depending on the lien type
• Timing and Triggers: Mortgage releases occur after complete loan payment, while lien releases might happen after partial payments, settlements, or dispute resolutions