Discharge Deed
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What is Discharge Deed?
The Discharge Deed is issued by lender. Discharge Deed discharges each party from their mortgage obligations. —————- Once the full and final settlement of dues is paid in respect of MEMORANDUM FOR DEPOSIT OF TITLE DEEDS (MODT), the bank will issue following documents, stating that dues have been cleared and request to proceed discharge deed No Objection Certificate (NOC) Discharge deed Title Deed
Deliverables
The discharge deed is applicable if MODT is registered with a bank. Few banks just collect the title documents and don’t do MODT registration. For such cases, just collect back the title documents from the bank after cleaning the MODT dues. The discharge deed is not applicable. The Discharge deed should register in the sub-registrar’s office within 90 days from the day the bank hand over the discharge deed to you. Register the Discharge deed in the same sub-registrar office where the MODT was registered Property owner presence is mandatory in the sub-registrar office to do the discharge deed. The presence of a bank’s representative is not mandatory to do the discharge deed, (Just the NOC from the bank is sufficient) If you are not physically present to do the discharge deed, you may give power of attorney. Your POA holder can collect title documents from the bank and do discharge deed registration.
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