Welcome back to The Conveyance Desk.

In Episode 11, we discussed the first ninety days after transfer. Today, we're looking at the seller's side of a mortgaged property sale—how mortgages are released, how banks are involved, and where transactions commonly encounter delays.

The Settlement Figure

The process starts with obtaining a settlement statement from the bank. This document confirms the amount required to clear the mortgage, including the outstanding loan balance, accrued interest, and any applicable fees or early settlement charges.

Because interest continues to accrue, settlement figures are time-sensitive. If the transfer date changes, the amount due may also change. Always obtain an updated settlement figure before transfer day.

The Bank's Role

On the transfer date, the seller's bank must participate ...