Sale of the mortgaged property. What are the conditions for alienation?

 

On the real estate market there are a lot of homes for sale that were purchased with the help of a bank loan and can also be repurchased with the help of a bank loan. That said, they are mortgaged to a certain bank. Many homeowners are skeptical about selling the property in question, considering that they must first pay off the debt and only then put their home up for sale. Because every problem has a solution, you must know that the alienation of a building for which you have a mortgage contract can be done with the help of the bank you turned to.

Today's article presents some information about what a mortgage is and how you should approach the situation when you decide to sell.

A mortgage loan is a financial means by which a natural or legal person borrows a certain amount of money in order to purchase, build or renovate a property. In most cases, the time period in which the money is returned is longer, the maximum allowed being 35 years.
To better understand what a mortgage is and what a mortgage contract entails, it is helpful to know what a real estate mortgage is all about. The real estate mortgage implies either a guarantee for the observance of a debtor's obligations towards the creditor or the existence of a certain real estate legally established as a guarantee for the payment of the loan made.
Another important aspect to remember is that the mortgage does not involve the dispossession of the property owner.

They can be mortgaged:
• shares in real estate law;
• surface right;
• buildings with their accessories;
• the usufruct of these buildings and accessories.

Signing and authenticating the mortgage contract

The mortgage contract represents the act that includes all the conditions and cases of a mortgage loan and is concluded by the notary public, and the two parts included in the contract are: the mortgage debtor and the mortgage creditor.
The contract must be authenticated by an authorized notary, requiring several documents (identity documents, property documents, tax attestation certificate, land book authentication extract, conclusion of tabulation of ownership, bank agreement) which must be present them in original at the time of signing the contract.

How to sell a mortgaged property?
There are several ways in which you can sell your mortgaged property:

Bridge type contract
This type of contract offers you the possibility to combine the two mortgages, if you want to move from a property purchased on credit and to buy in this way. Thus, you will not pay two separate installments, but only one, but the value will be higher.

Credit transfer to the buyer
There is also the option in which the buyer agrees to purchase the property together with the rate you have. In this situation, the buyer will have the obligation to pay the rest of the mortgage loan. If such a transaction is made, it must have the consent of the bank because there are several operations that must be done before.

Early repayment of the loan
Among the most used methods, this involves finding a buyer and repaying the loan with the help of the amount obtained from the sale.

Cancellation of the mortgage contract
This cancellation can be requested, and the debt will be paid after you have sold the property. There is a possibility that the amount obtained after the sale will not cover all the debt you have to the bank and you will have to pay the difference from your own sources or request a new loan (bank loan). Canceling the mortgage contract brings with it certain costs that you have to pay.
 

A material by Mirela Ionita

Photo credit: google.ro
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