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January 2006 |
Question:
I purchased my home
years ago, and I’ve just made my last payment. Is there anything I should
do now to ensure the record reflects I’ve paid the balance?
Answer:
Apparently, you had a mortgage on your home and property with a bank, credit union, individual, or some other funding source. Now that your loan has been paid in full, a form entitled “Satisfaction of Mortgage” should be completed by the mortgage holder and recorded with the clerk of the circuit court in the county in which the property is located. In some instances, the mortgage holder sends the original document to the Clerk’s Office for recording and supplies you a copy; however, sometimes, the original is sent to you.
It would be in your
best interest to make sure a properly executed “Satisfaction of Mortgage”
is recorded with the Clerk. This allows an accurate chain of title in
the official records. At this time, the fee for recording this instrument
is: $10.00 for the first page and $8.50 for any additional pages.
The lender has 60
days, by law, to tender satisfaction. Responsible lenders record the satisfaction
and send it to the borrower only after it has been recorded. For more
information, see Florida
Statute 701.04.