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Mortgage Release Deed

Mortgage Release Deed Template for New Zealand

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Key Requirements PROMPT example:

Mortgage Release Deed

"I need a Mortgage Release Deed for a residential property in Auckland where the mortgage will be fully repaid by March 2025; the property is jointly owned by a married couple, and we need to include special provisions for the return of original mortgage documents."

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Document background
The Mortgage Release Deed is a crucial document in New Zealand property transactions, used when a mortgage is being discharged following full repayment or other agreed circumstances. This document is essential for updating the land register and formally releasing the lender's security interest in the property. It must comply with New Zealand's Property Law Act 2007 and Land Transfer Act 2017, and typically includes details of the original mortgage, property description, and confirmation that all obligations have been met. The deed serves as definitive evidence that the mortgage has been discharged and the property is no longer encumbered by the specific mortgage. It's particularly important in property sales, refinancing situations, or when borrowers have fully paid their mortgages.
Suggested Sections

1. Parties: Identifies the Mortgagee (lender), Mortgagor (borrower), and any other relevant parties such as guarantors

2. Background: Recitals stating the existence of the mortgage, its registration details, and the reason for release

3. Definitions: Defines key terms used in the deed, including 'Mortgage', 'Property', and 'Release Date'

4. Release: The operative clause where the Mortgagee releases the Property from the Mortgage

5. Mortgagee Obligations: Details the Mortgagee's obligations including returning mortgage documents and registering the discharge

6. Representations and Warranties: Statements confirming the Mortgagee's authority to release and that the debt has been satisfied

7. Execution: Formal execution block for all parties, including witness requirements as per Property Law Act 2007

Optional Sections

1. Partial Release: Used when only part of the mortgaged property is being released

2. Outstanding Payments: Include when there are final payments or adjustments to be made as conditions of the release

3. Retention of Rights: Used when certain rights or obligations survive the release

4. Costs: Include when there's a need to specify who bears the costs of the release process

5. Further Assurance: Optional clause requiring parties to do anything necessary to perfect the release

6. Guarantor Release: Include when guarantors are being released from their obligations

Suggested Schedules

1. Schedule 1 - Property Details: Legal description of the property including title reference, lot number, and address

2. Schedule 2 - Mortgage Details: Details of the mortgage being released including registration number, date, and original principal sum

3. Schedule 3 - Partial Release Details: When applicable, specific details of the portion of property being released

4. Appendix A - Title Search: Current title search showing the registered mortgage

5. Appendix B - Release Plan: For partial releases, surveyor's plan showing the portion being released

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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