Solicitor's Undertaking to Discharge (Residential Mortgage)

Summary

This precedent is a "Solicitor's Undertaking to Discharge" for the deletion from title of an outstanding residential mortgage on the property. The Vendor's solicitor is providing an undertaking to the Purchaser that certain steps will be taken to pay out the old mortgage from the closing proceeds. The old charge and ancillary documents are to be deleted from title after closing. The Purchaser is relying on this undertaking. This precedent contains practical guidance and drafting notes. Undertakings are solemn and serious promises made by one party to another that something will be done. In this case, the Vendor, via its solicitor, is promising to remove from title to the property all traces and vestiges of the old mortgage(s) which may have been on title at the time of closing. The removal from title depends first on paying out the mortgage, usually from the closing proceeds delivered at completion. Discharges of mortgages do not occur quickly following the closing of a real estate ...