lˈiːɡəl ˈoʊnɚʃˌɪp ʌvðə tʃˈæɾəl ɪz tɹænsfˈɜːd tə ðə pˈɜːtʃɪsɚɹ æt ðə tˈaɪm ʌv pˈɜːtʃɪs, ænd ðə mˈɔːɹɡɪdʒ ɪz ɹᵻmˈuːvd wˈʌns ðə lˈoʊn hˈæzbiːn ɹᵻpˈeɪd.
Legal ownership of the chattel is transferred to the purchaser at the time of purchase, and the mortgage is removed once the loan has been repaid.