Friday, 30 May 2014

Sale of real estate, which is charged to mortgage

Despite popular belief that housing loan borrower for a long time associated with the bank, this is not the case. There is a possibility of the sale of the mortgaged property, even if the mortgage is not fully paid. How to do it? Read the article and to learn.

To sell the property, which charges a mortgage , you must meet several conditions. They are not too restrictive, so that this process does not cause major problems. The first step that needs to be done in this direction, there is an intention to sell the bank's real estate . For the transaction to be completed, institution must agree to the sale locale. As a rule, banks do not have anything against such practices, why this agreement is not too difficult to obtain. The next step is to obtain the opinion of the facility in terms repaid the loan, which should be: the number of the bank account to which is to be transferred specified in the opinion of the amount of money, and a statement that the repayment of the loan the property will be removed from the mortgage. This is necessary, because only then can enter a new mortgage in the land register.

Buying property, which charges a mortgage

Let us now examine the opposite situation, ie, buying real estate, which is charged to your mortgage . To make such a transaction, nothing stands in the way to apply for a mortgage. Also in this case you will need to consult the bank and settle the above mentioned formalities. Importantly, the mortgage does not have to be granted by the same bank that credited the property prior to sale. Nothing stands in the way to change the base and choose the best from all available offers on the market. The next step is to draw up a notarial deed, which should determine the amount needed to purchase the property will be paid in two installments: one part is ( the one which he has repaid the loan ) on account of the seller, and the second will be located in the bank and its purpose will be the repayment of debt owed ​​to the bank. After payment of a specified amount in the account of the seller you can go to the bank, which will issue an appropriate statement that may be grounds for cancellation of the mortgage with the Land Register.

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