Who executes a satisfaction of mortgage to release a mortgage of record?

The satisfaction of mortgage is a legal document that indicates that a mortgage has been paid off and is therefore released from the property records. The party responsible for executing this document is typically the mortgagee, which is the lender or entity that holds the mortgage.

When a borrower pays off their mortgage, it is the lender's duty to formally acknowledge this by executing a satisfaction of mortgage. The mortgagee must ensure that this record is updated, allowing the borrower to have clear title to the property afterward.

In most jurisdictions, the satisfaction of mortgage is then filed with the appropriate recording office to remove the mortgage lien from the property records, protecting the property owner's interests. This process is crucial for the borrower's ability to sell or refinance the property without any claims from the previously held mortgage. Hence, the mortgagee’s role in this process is essential for confirming that the debt has been satisfied and that the lender no longer has a claim to the property.