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The Mortgage Cancellation Deed is a critical document in Hong Kong's property transaction framework, used when a mortgagor has fully repaid their mortgage debt and requires formal discharge of the mortgage from their property title. This document is essential for clearing the property's title and enabling future transactions. The deed must comply with Hong Kong's legal requirements, particularly the Conveyancing and Property Ordinance (Cap. 219) and Land Registration Ordinance (Cap. 128). It contains specific details about the property, the original mortgage, confirmation of payment, and explicit release provisions. The document must be properly executed by all parties and registered with the Hong Kong Land Registry to be legally effective. A Mortgage Cancellation Deed is typically prepared by legal professionals and requires careful attention to detail to ensure it meets all regulatory requirements and effectively releases the security interest held by the mortgagee.

1. Parties: Identifies the Mortgagor (property owner) and Mortgagee (lender) with their full legal names and addresses

2. Background: Recites details of the original mortgage, including date of creation, registration details, and property information

3. Definitions: Defines key terms used in the deed including 'Property', 'Mortgage', 'Registration Date' and other relevant terms

4. Acknowledgment of Payment: Confirms that the mortgage debt has been fully repaid and discharged

5. Discharge and Release: Main operative clause releasing and discharging the property from the mortgage

6. Return of Documents: Provisions regarding the return of title deeds and original mortgage documents

7. Registration Consent: Mortgagee's consent to register the cancellation at the Land Registry

8. Execution: Formal execution block for signing by parties with witness provisions