How much does it cost to cancel a mortgage in the registry?

Legally it is not mandatory, but it is highly recommended. When you finish paying the mortgage, the bank gives you the certificate of zero debt, but the mortgage remains registered in the Property Registry with all its legal effects until it is formally canceled.

Consequences of not canceling it:

• When selling the property, the buyer will see the mortgage in the Registry and will demand its prior cancellation (or retention of the price to cancel it)
• It is impossible to apply for a new mortgage on that property without canceling the previous one
• In general, any operation on the property becomes complicated

When does the mortgage prescribe? Mortgages prescribe after 20 years from the due date of the last amortization installment, if the enforcement action has not been exercised. But this period is very long to wait.

Yes, the bank is required to participate in two aspects:

1. Issue the zero debt certificate: a document that proves the mortgage is completely paid. The bank is obligated to provide it free of charge within 7 business days from the request.
2. Sign the cancellation deed: a bank representative must appear before a notary (in person or via videoconference) to execute the cancellation deed.

However, you can choose the notary where the deed is executed. You are not required to use the bank's notary or agency, which can result in significant savings.

Our team coordinates with the bank to obtain the certificate and the representative's schedule for the notarial signing.