My wife and I are almost done with our mortgage payments. What, if anything, does Massachusetts law require us to do at the registry of deeds? Do we have to file something?
-- (Posted by Jill M. on the Forum Chat Room)
Congratulations. Once you have made your last mortgage payment, request a ‘discharge’ from your lender. A discharge is a formal document signed by a representative of your lender and notarized. It should include your name(s), the property address, the book and page number (for recorded land), or a document number (for registered land).
The purpose of the discharge is to inform the world that your loan is paid off and that the lender no longer has a lien on the property. You should obtain and record the discharge as soon as possible, especially if you have plans to sell the property in the near future. If the lender does not send the discharge directly to the Registry of Deeds, bring it or mail to the Registry and record it. The fee is $75.00 and the check can be payable to the Commonwealth of Massachusetts.