Discharge Of Seller’s Mortgage On Time
The responsibility of the seller is to ensure that their mortgage is discharged by their bank prior to settlement.
This process begins with the seller obtaining from their bank the correct form, completing the form and lodging it well before settlement.
The details required on this form are for the seller to nominate their appointed conveyancer, the details of which connect the conveyancer with the bank on the PEXA platform (the electronic platform used for Settlement).
This process ensures that the mortgage will be discharged on time, if the property is an investment property it may be financially linked to other assets; this cross collateralization sometimes triggers re-valuations of the remaining asset, and thus causes delays.