RECEIPT

What the receipt does

The RECEIPT form documents full repayment of money secured by a mortgage over the property described in the schedule. It is executed by the mortgagee, the person who received the mortgage, in favour of the mortgagor, the person who mortgaged the property.

The supplied form does not name an issuing department or refer to a government order. It contains a blank execution date with the year 2017 printed in the date field.

Who may be affected

The RECEIPT form is relevant to:

• A mortgagor who has repaid the entire amount due under a mortgage.
• A mortgagee who has received full repayment and is confirming discharge of the debt.
• A buyer, owner or professional checking whether money due under a registered mortgage deed has been paid.
• Anyone reviewing the property's documents, because the form links the repayment to a specified mortgage deed and scheduled property.

Information recorded

The RECEIPT form provides spaces for the following details:

• The place and date of execution.
• The names, identification numbers, mobile numbers, parentage and addresses of the mortgagee and mortgagor.
• The amount for which the scheduled property was mortgaged.
• The date of the mortgage deed.
• The mortgage deed's Book I registration details, document number, year and relevant Sub Registrar office.
• The amount fully paid by the mortgagor.
• The mortgagee's signature and witness details.

Declaration made by the mortgagee

The RECEIPT form states that the mortgagor has fully paid the entire amount due to the mortgagee. It also records the mortgagee's declaration that the entire loan amount was received in cash and that the amount has been fully discharged.

The mortgagee signs the receipt in the presence of witnesses. The supplied text does not specify any stamp duty, registration fee, filing process or further action concerning the property after repayment.