paying off the house do you get a deed

[Dznypal]

My DS and DDIL just paid off their house

only took them 7 years so proud of them

anyways he was asking if when we paid off our house if we got like deed showing that now the house is paid off
sort of like when you pay off a car loan and you get the title showing its paid off

its been so long since we paid off our house I dont remeber if we got anything like that

I though thas what the title search and all that paperwork is for when you go to sell the house
they did get the interest form that you get for taxes but it wasnt for very much since it was only from last Jan to April
thats what got them thinking about getting a deed showing its all clear

 

[Mommb]

We received a document from the bank that held our mortgage when we paid it off. I had to call and ask for it. I can’t remember whether it was a deed or just a statement that the loan had been paid.

 

[barkley]

ourselves and others who have paid off home mortgages all thought we would get a document to burn (like the old movies show) but upon calling our financial institutions found that we would just recive paperwork to advise our insurance companies that they no longer were invested parties (so they could be removed from policies and also be removed as the means of paying premiums), and notices to us that we needed to make arrangements to pay absent from them our homeowner's insurance and property taxes.

 

[imbelle]

We paid off our house years ago and only received the letter from the bank saying that the mortgage was paid off, no deed copy. Apparently that is the common practice. I recently had to request a copy of the deed from our state office as part of the process of setting up a living trust. It was fairly easy and inexpensive to get a copy (at least where I live).

 

[hertamaniac]

I received a letter about my mortgage being "satisfied". I then bought another home with cash and no letters but got the deed (I think at closing). I paid it off and own it myself and no wife/husband as an additional income. I wanted to claim it 100% on me.

I still check with my county's website every month or so to make sure no one with nefarious intentions is trying to do something with my home ownership.

 

[77catwoman]

Where are they? Was there an agreement for deed or just a standard real estate mortgage? If they purchased the house from a seller (and not using an agreement for deed) when they bought it-they should already have a deed which should have been recorded in the official records where the property is located. If they were just paying off a standard mortgage from a bank (not the seller) then the lender should be recording a satisfaction of mortgage in the official records and the note should be sent back to them marked paid in full.

 

[ruadisneyfan2]

We were given the deed to our property when we bought it. When we paid off the mortgage, the bank sent us a paper stating our mortgage was paid and something to the effect that they no longer hold a lien on our house.

 

[ruadisneyfan2]

I received a letter about my mortgage being "satisfied". I then bought another home with cash and no letters but got the deed (I think at closing). I paid it off and own it myself and no wife/husband as an additional income. I wanted to claim it 100% on me.

I still check with my county's website every month or so to make sure no one with nefarious intentions is trying to do something with my home ownership.

Isn’t this why you pay for title insurance? In NJ it isn't optional.

 

[hertamaniac]

Isn’t this why you pay for title insurance? In NJ it isn't optional.

I thought title insurance was to ensure the title is clean and no liens are held against the property at closing. I check to see if there were any liens placed against the property, false permits and that I am still listed as the current owner.

 

[Bluegoat]

I received a letter about my mortgage being "satisfied". I then bought another home with cash and no letters but got the deed (I think at closing). I paid it off and own it myself and no wife/husband as an additional income. I wanted to claim it 100% on me.

I still check with my county's website every month or so to make sure no one with nefarious intentions is trying to do something with my home ownership.

You may want to check with your local recorders office for fraud alert notifications. More and more of them are offering this service for free and will alert you anytime a property transaction in your name occurs. I signed up for it here and it works great. No need to check your property records every month.

If you're an Orlando Local, the Orange County Comptroller does have a Property Fraud Alert Notification. You just need to sign up for it.

 

[77catwoman]

Isn’t this why you pay for title insurance? In NJ it isn't optional.

Title insurance provides coverage for certain items up to closing (including that you have good title). It would not provide coverage for your own mortgage as it is something you "created, suffered, assumed or agreed to".

 

[bakerworld]

Each area handles this differently. In our area of PA our deed was held by the county. Once we paid off the mortgage and the county was notified we received a printout of the front page of our original mortgage document stamped 'Satisfied' and dated. We thought we'd receive something more like a car title document but no, just a generated copy of the first page as all documents are digital. If we access county records we can see the loan is 'complete'. Felt kinda let down. LOL

 

[ruadisneyfan2]

Title insurance provides coverage for certain items up to closing (including that you have good title). It would not provide coverage for your own mortgage as it is something you "created, suffered, assumed or agreed to".

Well of course, when it comes to your own mortgage you’re already aware of that lien. @hertamaniac is referring to some fraudulent methods of placing a lien against a property or transferring ownership.
I suppose that could happen any time and the current owner may not be aware.

 

[Sykes]

In my area the actual deed is held by the county recorder's office. The title company sends us a copy of the deed as part of the closing process, but that copy has no legal significance and is just for our records. When we paid off our mortgage we received a letter indicating that our debt was satisfied, but the important part is that the lender filed a reconveyance with the recorder's office indicating such.

 

[Bethislucy]

In South Carolina you get your deed when you close on your house. The Register of deeds has a copy but not the original. We don't hold them like car titles. Specifically in our county (I'm not sure of the other counties policy) we will get a satisfaction of mortgage paper from the loan company when it is paid off, and we record it and send it back to them. They then will send it to the homeowner but if they don't, we always have copies.

 

[Anthony1971]

The actual Deed is filed with county clerk you get a copy when you buy the house. You will receive a letter from the bank saying the loan was satisfied. You can usually print the deed online along with the proof the loan has been satisfied but it should be a non official copy with that written on it. Usually you need to go to the county clerk and pay a few dollars for a copy proving you are the owner. Some will let you register and pay to print the copy at home. They should also get a small refund check as the payoff amount is up to X date when the check is cashed the interest stops. There will also be filing fees in the last payment as the bank files the loan satisfaction with the county clerk. The copy received will have the filed on date stamped by clerk and file number.

 

[77catwoman]

Well of course, when it comes to your own mortgage you’re already aware of that lien. @hertamaniac is referring to some fraudulent methods of placing a lien against a property or transferring ownership.
I suppose that could happen any time and the current owner may not be aware.

Anything occurring after you take title would not be covered by a title policy.

 

[Gr8t Fan]

We received a Release of Mortgage that we then filed with the Recorder of Deeds in our county. We never received the actual deed though, just the release.

 

[cvjw]

Just searched thru all my documents from paying our house off years ago. Somehow, Wells Fargo was still listed on our State Farm homeowners policy, and I needed to get them removed for a roofing claim. To do so, I had to prove to State Farm that our house was paid off. I found 3 documents from Wells Fargo stating that our loan was paid in full that they sent when they received the payoff amount. Nothing from the county that the deed was in our name. We are in Georgia.

 

[MomToOne]

In California, I received the Grant Deed upon purchase (well, a few weeks later after it was recorded - I received the stamped version to indicate the recording was completed).

Upon payoff of mortgage, I received a letter stating it was paid, and a Release of Mortgage/Full Reconveyance was recorded releasing the lien on the property. I also received the stamped copy of that - that is what I would burn If I trusted the county and everyone else involved not to have screwed it up somehow....