Glossary
FinancingAlso: Mortgage release, Mortgage cancellation
Cancelación de hipoteca
Official release of an already-repaid mortgage, to be struck from the registry.
The cancelación de hipoteca is the removal from the Registro de la Propiedad of a mortgage that has already been repaid. Until it is struck off, the mortgage remains registered as a charge, even though the debt is settled.
It requires a notarial deed and an entry in the registry, with notary, registry and often gestoría fees.
For the seller
If your loan is repaid but the mortgage is still registered, you will have to have it struck off, at your expense, to deliver the property free of charges.
Want to know what you'd walk away with?