It is common to sell a property while still owing money to the lender. Typically, you will have some time and a balance left on your mortgage. Be careful to check ahead of time if there will be a penalty on you paying out your mortgage. Your lawyer will take care of ordering the discharge statement required to pay off the mortgage from your bank. Your lawyer will then direct some of the proceeds of sale to the bank to pay off the mortgage and later make sure that the bank discharges the mortgage from title.