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So you borrowed money, whether it was from a mortgage bank lender or a private individual, on a property in Cape Coral, Fort Myers, or anywhere in Florida. And now, you’ve finally made the last mortgage payment! That’s awesome! But before you break out the champagne, you need to make sure that a mortgage satisfaction of real property is filed for that loan.

Once a mortgage is paid, the holder of the mortgage is required to satisfy the mortgage of record to show that the mortgage is no longer a lien on the property. The general rule is that the satisfaction must be in proper written format and recorded to provide notice of the satisfaction. If the lender fails to record a satisfaction within set time limits, the lender may be responsible for damages set out by statute for failure to timely cancel the lien.

Florida Law states that the execution of the satisfaction must be signed by the lender. Upon the full payment of the mortgage, the borrower may demand of the lender that satisfaction be recorded. The lender then has 60 days to comply, or face liability. The penalty against the lender for not complying can be a misdemeanor of the second degree in a civil action suit.

In a nutshell, a satisfaction of mortgage is a document signed by your lender stating that you fully paid off your mortgage and that the mortgage is no longer a lien on the property.

To learn more about the Florida Statutes relating to mortgage satisfactions, visit: www.flsenate.gov/Laws/Statutes/2011/Chapter701/All


At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.

In case you missed it, check out our last Title Junction post: What Are the Rights & Responsibilities of a Landlord?

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