Count to Five Before You Send the Last Check

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A similar form is used in other jurisdictions, though in the District it can also be called a Deed of Release, Jacobs said.

4. What are some things that can go wrong?

"Lenders often neglect to provide the certificate . . . or the lender sends the certificate to the borrower who forgets to record it," Buck said. "Years later, the certificate is lost. In either case, when lenders go out of business or merge, it can be very difficult to prove you paid the loan off."

Borrowers should also be aware that some banks respond more promptly than others, Jacobs said. The higher the interest they charge, the more incentive they have to delay sharing the payoff amount. To prevent any glitches, start the process early.

5. What can people do to make sure everything goes smoothly?

One option, for those who are worried about keeping track of the details: Hire a settlement agent. "In Virginia, a settlement agent has authority to sign and record the certificate on the lender's behalf if they do not respond as required," Buck said.

Another option: In the District and Maryland, you can also record your original note or deed of trust (returned by your lender) marked "Paid and Canceled" in the same manner as a certificate of satisfaction, Jacobs said.

-- Mary Ellen Slayter