House title

[ponyo]

When you pay off your house, do you get the title from the bank like you would on a car? If so, does it look similar to something like a car title? Just curious. I'm about to pay off my house and was wondering what to expect.

 

[mh47g]

"Deed"

 

[kranky]

Your mortgage company will send you some papers, but that's only to document the payoff of the mortgage. The "title" is actually the records held by your local county Recorder of Deeds office (or whatever it's called in your area).

You may need to take the papers from the mortgage company to the Recorder's office yourself, or the mortgage company may handle it directly. One way or the other, you will get a document from the Recorder's office that says your mortgage has been satisfied.

If YOU are supposed to take the papers from the mortgage company to the Recorder's office, be sure you do. Otherwise, that mortgage is still there as far as anyone knows.

When the county records show that all mortgages have been satisfied in full, then you have clear title. But there's no actual equivalent to the car title document.

 

[FatJackSprat]

You should get something called a 'satisfaction piece' It is important to check whether it has been recorded. Most companies will record it, but a few send it to you for you to record. A satisfaction piece is just a sheet of paper that says "The mortgage recorded at ** from ** to ** is paid in full."

Like everything legal, this may vary from state to state.

 

[richardycc]

no you just get a paid in full statement from the bank, and the ownership is already recorded at the deed office, so you dont get a piece of paper. you also want to make sure the lien comes off.

 

[ponyo]

You guys are a great help. Thanks for the info.

 

[IronWing]

You may have to pester the mortgage holder to send you a written paid in full letter. For piece of mind, do so when the time comes.

 

[imported_weadjust]

Varies from state to state. What state do you live in?