Paying off a mortgage or refinancing loan is a major milestone for home and property owners. However, the simple act of sending in a final payment is not enough to remove a lien on the title in the public records.
The lender has a legal obligation to draft, notarize, and file a Florida Satisfaction of Mortgage.
While the final payment satisfies the borrower’s debt, it does not automatically clear the property title of the lien since the lien is a part of the public record. The lender is required under Florida law to prepare a Florida Satisfaction of Mortgage, which must then be recorded with the clerk of the court in the county where the property is located. A notice of the filing must also be shared with the borrower.
These actions must be completed within what the state of Florida deems as a reasonable time frame; in this case, the Florida Satisfaction of Mortgage must be recorded and notice must be given to the borrower within 60 days of the final payment.
Published: Feb 2, 2023
Updated: Sep 26, 2022
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