Step 3 – Post Contract
Once the Property is Sold–Discharging your Mortgage
Once the contract for the sale has been signed you need to make an appointment with your bank or credit union to sign a “Discharge Authority”. We will also write to the lender to make settlement arrangements. In most cases you need to continue making mortgage repayments.
If the property sold is occupied by a tenant AND you have sold the property with “vacant possession” NOTICE has to be given to the tenant.
In the case of the Residential Tenancies Act the minimum period is 60 days. Usually your managing agent will arrange this. Please advise us if you wish us to give notice on your behalf. This is not applicable if you have sold subject to the tenancy.
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