WHAT IS A DEED OF RELEASE OR DISCHARGE?

WHAT IS A DEED OF RELEASE OR DISCHARGE?

Imagine finally paying off a loan or resolving a long-standing claim on your landed property, but still being unable to exercise fully authority over it because there is no legal proof that the debt or obligation has been cleared.

This is where you need a Deed of Release (also called Deed of Discharge).

A Deed of Release/Discharge is a legal document used to free a person and property from an existing obligation, claim, or issue. In property transactions, it is commonly used when a borrower has fully repaid a mortgage or loan secured on a property he used as collateral.

The lender signs a Deed of Release to show that the borrower is discharged from the debt and that the property is now free from the mortgage.

It may also be used in other contexts such as family settlements, inheritance matters or business transactions, where one party agrees to release another from certain duties, liabilities or claims.

Without it, third parties and even Government authorities may still treat the property as tied down, which can prevent sale, transfers or other transactions over the property.

At Apex Chambers, we emphasize that a Property Lawyer should prepare or review your Deed of Release/Discharge to ensure it is properly made, giving you peace of mind and full control over your property.

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APEX CHAMBERS, Law Firm of Property/Real Estate and Business/Corporate/Commercial Lawyers, Attorneys, Barristers, Solicitors Advocates, Legal Practitioners rendering legal services, Legal Consultants and Notary Public with Law Office in Port Harcourt, Rivers State, Nigeria

Phone: +234(0)7030868694 (Calls & Whatsapp)
Email: info@apexchambersglobal.com
Website: www.apexchambersglobal.com