Ask your bank about the mortgage release early

If your home is still mortgaged, the bank becomes part of your sale. The loan has to be settled and the mortgage released at or around the transfer, and each bank has its own process and timeline for doing that. Learning those steps before you list gives you a realistic transfer date to share with buyers, rather than one you may need to change later. Ask your bank now for a letter showing the outstanding balance, an explanation of how the release works at transfer, how long it usually takes and the early settlement terms in your contract. Share the timeline with your agent. For a mortgaged Masdar City apartment, that letter is often one of the first documents the buyer's side asks to see. Prepared by Masterpiece Property.