How the conventional immovable hypothec is cancelled?

The conventional immovable hypothec, generally granted by a financial institution, will be cancelled by means of the consent of the holder or beneficiary of this right.

Total discharge of a debt implies the consent to the cancellation. Partial discharge entails only the consent to an equivalent reduction.

The cancellation can be made on a part of the immovable property. Partial cancellation will indicate on which immovable property (lot or part of lot) the hypothec is cancelled. On the contrary, the lots or parts of lot originally mentioned in the deed of hypothec, but not described in the cancellation, remain hypothecated.

The cancellation can also be made only on a part of the sum initially lent, the creditor receiving from his debtor partial payments of the sum borrowed. The registrar will proceed to the registration of a partial cancellation against the immovable property. There can be registration of several partial cancellations before the creditor grants the final cancellation following full payment of the sums due.