Whether you pay off in year one or ride out the full term, the finish line looks the same: a registered discharge or a transfer of title, and land you hold outright with nothing left owing. Here's exactly what happens, step by step — and what you should get in writing when it does.
We close out your file the same way it started — directly, with no bank in the middle. What happens on paper depends on which of the two legal structures applies to your specific property.
You already hold registered title — you have since closing. Paying off doesn't change who owns the land, because you always did. What changes is the claim against it: we register a discharge of our mortgage, confirming our security interest is fully satisfied and removed from title.
You've held possession, use, and an equitable interest since day one — but we've held legal title. Paying off is the moment that changes: we execute and register the transfer of legal title into your name, the one step that formally moves ownership to you.
You set your own term when you sign — 12 to 96+ months — and nothing stops you from finishing early. Either path ends the same way.
Pay on the schedule you agreed to at signing, all the way to your final invoice. Nothing extra to arrange — your last regular payment is the one that clears your balance.
Pay down your balance faster, or clear it entirely, whenever you like — in part or in full. There's a permanent $0 prepayment penalty on every Own Your Land™ agreement, so there's never a cost to finishing ahead of schedule.
This applies whether you're closing out with us or any other owner-financing seller in Canada — a proper payoff leaves a paper trail.
Whether you're finishing your full term or paying off early, closing out your file looks like this.
Contact our team for your exact payoff amount, including any interest accrued since your last six-month invoice.
By the same methods as your regular payments — wire, e-transfer, credit card, or certified cheque, in CAD, USD, or EUR.
Depending on which legal structure applies to your property — a discharge of our mortgage, or a transfer of legal title into your name.
A copy of the registered discharge or updated title, showing your interest fully cleared — for your own records, and your lawyer's if you'd like a second look.
No bank, no lender, and — for a Vendor Take-Back mortgage — no lingering registered claim against your title. Just yours.
Enter your remaining balance and the months left on your term to see roughly how much interest you'd still pay if you rode out the full term — interest a $0-penalty payoff today would skip entirely.
A $0 prepayment penalty means paying off today costs you $0 in additional interest, instead. Estimates only — request an exact payoff quote from our team before sending final funds.
Correct — there's a $0 prepayment penalty on every Own Your Land™ property, always. Pay off any time, in part or in full, with nothing extra owed for doing it ahead of schedule.
Yes. Interest is calculated on your declining balance, so any extra payment toward principal reduces what you owe and the interest that accrues on it going forward — with the same $0 penalty for doing so.
It depends on your specific provincial land registry, so we can't give one number for every property — but our team can give you a realistic estimate for yours before you send final funds.
That's possible too — reach out to our team early in that process so we can walk you through how your outstanding balance is settled as part of the sale.
No — paying off is simply the natural conclusion of whichever structure you signed. See our Owner Financing Guide for the full breakdown of how a Vendor Take-Back mortgage and an Agreement for Sale each work.
It isn't required by us, but it's the single best thing you can do to protect yourself — an independent confirmation that the discharge or transfer was registered correctly, and that your title is genuinely clean.
More questions? The full FAQ library is on our Common Questions page, or ask our team directly.
Reach out and we'll get you an exact payoff quote — no fee, no penalty, no waiting.