What term refers to the division of property upon the release of a mortgage?

The term that refers to the division of property upon the release of a mortgage is "Release of mortgage." This term specifically indicates the action taken when a mortgage is paid off, leading to the removal of the lender's claim on the property. Once the mortgage is satisfied, the borrower receives a release document from the lender, which signifies that the mortgage obligation has been fulfilled and the title to the property is no longer encumbered.

In this context, the release of mortgage is a crucial step in real estate transactions, as it clears the way for the property to be sold or transferred without any debt attached to it. Understanding this process is essential for anyone involved in real estate, as it highlights the importance of securing clear ownership once financial obligations are met.