Thursday, 24 July 2014

Mortgage loan upon sale

Not every debt under the mortgage is aware of the fact that at any moment can sell credit property. Though it is naturally associated with the necessity of additional paperwork organization, it is not particularly with a complicated process. How does he look like?

Sale of an apartment or house, the purchase of which were entered into a mortgage loan, it is possible only when the obligation is paid in full. The first step in the sale of real estate will thus obtain a certificate for the current amount of debt. After his conquest of the sales process will be slightly different look when the buyer is financing the transaction with its own resources, and otherwise, when used will be financing from a bank loan.

The procedure will be easiest if the buyer pays for the apartment own means - in cash. Just then, the transaction will be made under a contract evidenced by a notary public, and the bank will get its due value of money - funds that exceed the value of the debt goes directly to the seller. Bank after obtaining the total owed ​​to allow removal of the protective measures it a mortgage, and then it will be possible to introduce changes in the land register of real estate, ie, rewriting the property to the buyer.

The procedure is complicated slightly if the buyer are backed by some bank credit. Also in this case, to make changes in the land register will be possible only after the repayment of the loan the person selling the property. Just as before, the transaction is made on the basis of a notarial deed, however, due to the need to take into account the interests of both banks is much more complicated. It also requires co-operation between the banks, which may extend up to the sale procedure 2, 4 weeks. When it comes to finalizing the transaction, the new crediting poured funds into the account the existing mortgage, and the remaining money goes to the account of the seller. The data of the previous owner and the bank are deleted from the mortgage book the property, and in their place are entered information about the new owner and giving it the financing bank.

In conclusion, the sale of an apartment or home laden mortgage is possible and even required to fill a series of formalities, this is not a particularly complicated process and that causes problems.

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