How do I process a settlement transaction electronically when the vendor holds a paper Discharge of Mortgage and the Certificate of Title (CT)?

There are two alternatives:

  1. Lodge the Discharge of Mortgage and CT ahead of the settlement ensuring there is enough time for the new edition of the CT to be delivered. The settlement would then involve just the transferor and transferee (and any incoming mortgagee). The transferor’s representative subscriber would complete the CoRD Holder Consent and retain the CT.
  2. The discharging mortgagee completes the Discharge of Mortgage and CoRD Holder Consent electronically with the other instruments in the settlement transaction and retains the CT. The paper Discharge of Mortgage would then be destroyed.