You must get mortgage relief if you sell your property. You, your lawyer or notary must follow all the steps of the discharge procedure from your provincial office or registry. Once the discharge is complete, the lender`s rights are removed from the property. If you repay your mortgage and meet the conditions of your mortgage agreement, the lender does not automatically waive the rights to your property. There are steps you need to take. This process is called the derivation of a mortgage. You, your lawyer or notary must provide your cadastre with all the necessary documents. Once they have received the documents, your cadastre removes the lender`s rights to your property. You are updating your property title to reflect this change. A right of pre-emption is closely related to a right of pre-emption, but the former is considered favourable to the seller, while the latter is considered a preference for the potential buyer.

A right of pre-emption gives the right holder the opportunity to satisfy an offer received by someone who wishes to sell an asset. Assets with a right of pre-emption can be more difficult to sell, as potential buyers may not want to bother negotiating a transaction that must first be offered to another party. An initial offer right is usually enshrined in a contract such as a lease or commercial partnership. It is triggered when the owner wants to sell the asset or property. According to the terms of the contract, the owner is obliged to give the holder of the first offer the first chance to buy the property. The rightholder has a set period of time to submit an offer before the expiry of the right. The seller is free to accept or refuse the offer. If you change lenders, your property title information needs to be updated. You, your lawyer or notary must lighten the mortgage and add your new lender in respect of your property.

Some lenders charge other fees, including assignment fees, if you switch to another lender. Ask your new lender if they will cover the cost of mortgage relief. You can choose to renegotiate your mortgage agreement and change lenders because another lender offers you a better deal. Land services are part of your provincial or regional government. These offices register official title deeds. You have processes to change the title of a property. If you have a claim related to your mortgage, contact your lender. Trying to decipher an acronym? Are you trying to understand the legal jargon? The Glossary of Property Rights and Real Estate Law gives you access to definitions of the legal terminology of property rights and real estate, which are often used in court documents and proceedings.

This glossary on property rights and real estate law helps you understand legal terms and phrases relevant to the purchase of a home, rental issues and other areas of property law and real estate law. FindLaw is your starting point to help understand the law. Start here to find resources on how to find a lawyer, mutual legal assistance services, and mutual legal assistance.. . .