January 17 2006 - Notice Regarding Change in Mortgage Satisfactions
In accordance with Act 197 of 2002, known as the Mortgage Satisfaction Act, the City of Philadelphia will no longer require an original mortgage in order to record a mortgage satisfaction. As of February 7, 2003, the effective date of Act 197, a proper mortgage satisfaction requires only a satisfaction piece, or in the case of a residential mortgage, a settlement officer satisfaction. Definitions and explanations for these terms are set out in Act 197, along with the proper form for each document. Please note that for the recording of a mortgage satisfaction, the City of Philadelphia will not require:
1) The original mortgage,
2) An image of the first page of the original mortgage, or
3) A validation fee.
Neither Act 197 nor this notice have any effect on the fees effective as of February 3, 2003.
Please refer to the Fee Schedule for applicable fees. Except as stated above, the procedures for the recording of a mortgage satisfaction shall remain unchanged.