Receipt of repayment (kvitance)
A creditor's written confirmation that a debt has been discharged (under § 1949 of the Civil Code, občanský zákoník, whoever performs is entitled to one). For a mortgage, the bank issues it once the whole loan is repaid, usually together with consent to delete the lien or as part of it. It is the basis for deleting the lien from the land registry and evidence in case of a later dispute.
Example
A CZK 4,000,000 mortgage at 5.00 % over 25 years ends with the last payment of CZK 23,384. Within a few weeks the bank sends the kvitance and consent to delete the lien. The owner files an application to register the deletion with a fee of CZK 2,000, and once it is entered the lien disappears from part C of the title sheet (list vlastnictví).
In practice
Don't count on the kvitance arriving by itself: if the bank has not sent it within a month, ask for it in writing. Some banks file the deletion application themselves, but most leave it to the client. A kvitance put away in a drawer with no application for deletion leaves the lien on the LV for years, and it will complicate a sale, a gift or a new mortgage.
How it differs
It is the first of two steps: the kvitance confirms that the debt has been repaid, and deletion of the lien is the land registry entry that follows. Release of collateral (vyvázání zástavy) frees the property even without full repayment, whereas a kvitance presumes the whole debt has ceased. Neither the repayment schedule nor a loan account statement replaces it.
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