Various life situations may cause the dream socket to become unnecessary or no longer meet the expectations of the owners. Then the first thought that comes to mind is the sale of an apartment. Only, is it possible when the head is additionally pregnant … mortgage? The answer is: the most! The whole process, however, requires more formality and time. So how do you sell a property with a mortgage?
Craze on real estate!
Recently, the development industry is experiencing its golden boom. Real estate prices are screwing up and according to the Bank for International Settlements today are definitely higher than a decade ago. In addition, central banks tempt with cheap payday loans, which encourage them to invest in more risky markets, such as the purchase of real estate for rent. What, however, when changing your life priorities, moving to a different city or other factors, make you have to give up your current apartment purchased on credit?
You should be aware that the procedure for selling a flat with a payday loan is almost identical to the standard sale of an apartment without a mortgage. Almost – in the end, a bank is entered into a mortgage, and this involves certain restrictions and requires the provision of additional certificates.
Step one – click and publish the advertisement!
The first stage is to prepare a catchy advertisement on the sale of real estate, in which you can not run out of information about the payday loan. In fact, it does not have to affect the decision of the potential buyer. However, it is worth informing him about the legal status of the flat, without hiding any secrets from him.
It is only when you find a buyer that you can notify your bank about your intentions!
Step two – a trip to the bank
Fortunately, the mortgage does not cross the road to the sale of a payday loaned investment. In the end, the borrower still remains the owner of the property – even despite the fact that the bank institution is secured by an entry in the land and mortgage register! So, you have the right to do what you want with your M!
Therefore, after finding a buyer – in the first place, the person intending to sell the property should contact the borrower from whom he received the mortgage and apply for a certificate. The following must be found on such a document:
- note on the amount of the payday loan balance along with additional costs, whose one-off repayment, with the permission of the bank, obliges to obtain a payday loan promise and deletion from the census about mortgages, in the fourth section of the Land and Mortgage Register.
- it is necessary to provide the account number to which the rest of the amount will be transferred.
At a later stage, you should obtain the written consent of the institution, for exemption from the mortgage after repayment of the entire payday loan. Expressing approval means that the sale of a flat or house with a payday loan can be officially recognized as being started!
Step three – sign a preliminary agreement with the buyer!
Remember that the payday loan promise is the bank’s promise to delete the owner from the burden shown in the land and mortgage register. However, it will be implemented only after receiving advance payment from the property buyer. Thanks to this – both the seller and the buyer have a clear and clear situation regarding the invested capital.
Credit promise is only valid for 30 days! Therefore, it is worth signing the preliminary agreement with the buyer as soon as possible. What is important – the matter is much simpler when it comes to contractors who do not finance the purchase of real estate with a mortgage. Then such a document does not have to be made at the notary’s office. You may as well write it yourself – keeping in mind the most important information, such as:
- The date of signing the contract
- Amount of down payment or down payment
- The price of real estate
- Indication of the parties to the contract
Step four – the direction of the notary …
It is different in a situation when a person buying an apartment makes a payday loan for this purpose. Here, in order to complete the transaction, a trip to a notary public is necessary, which will prepare the proper sales contract. Only its copy is a binding element for the bank! It contains all valuable data, such as: the bank account number to which the buyer must send funds for repayment of the mortgage. In addition, the buyer’s bank will know what part of the sum must be transferred to the seller’s account and to the bank’s account. In the next step, the notary deals with applying in court for changes in the land and mortgage register.
Step five – payday loan repayment
Regardless of whether the potential buyer acquires the property for cash or uses a mortgage payday loan – then the seller’s payday loan is repaid at the very beginning! Only at a later stage – the remaining part of the purchase sum is transferred to the owner’s account. In the situation of financing investments with credit funds – the amount for the seller only arrives after showing the document confirming the repayment of all the debt. Without this the bank will not agree to the payday loan settlement!
Therefore, after submitting the application for deletion from the mortgage, the remaining part of the payday loan will be automatically activated. Few banking institutions agree to the simultaneous payment of funds. Therefore, the application for removal from the 4th land and mortgage register should be submitted only after full payment! It is worth noting that the seller does not have to receive money for his property. This happens when it does not provide the certificate received at the bank on time, which confirms the full repayment of the mortgage.
However, without predicting any problems – the final final stage is to give the bank permission to release the mortgage and hand it over to the buyer.
Step six – what if there is a problem?
Bankers unanimously emphasize that the procedure for mortgaging a property with already mortgaged mortgage does not differ much from financing investments without credit support. The only, but crucial, difference is the need to have a certificate of the amount of debt with a promise that strikes the current bank with a mortgage.
However, the problem arises when the amount of outstanding mortgage significantly exceeds the value of the property – and the owner has no means to settle this difference. In this situation, it is a good solution to transfer the collateral to another property. No bank should be a problem when the value of the security real estate is sufficient.
Sale of real estate with a foreign currency payday loan – what can you do?
It can not be denied that Poles like to buy real estate with financial support from banks. And not only with the help of zloty payday loans, but also currency payday loans. How to sell an apartment with a payday loan, for example in francs? The situation is clear when you have funds in a foreign currency, thanks to which you will quickly pay off your debt.
On the other hand, people who used the payday loan were worse off when the exchange rate was much lower than at the moment. At that time, the bank calculates, at the current exchange rate, the borrower’s debt, which is reported in PLN. Unfortunately, it often turns out that the value of the investment is much lower than the sum of the mortgage. If you are in a similar situation – be sure to analyze whether the sale of real estate is really profitable. And maybe think about …
… An alternative solution is to rent a charged mortgage and purchase a second investment. However, it is a possibility for people who have a smooth financial situation and who want to gradually build their savings capital.
The sale of real estate with a payday loan is nothing extraordinary !
You can see that selling real estate with a payday loan is, as much as possible, requiring only proper knowledge and awareness of existing threats. Of course, it is also necessary to find a willing person who, despite weeks of banking procedures, will be eager to purchase an investment.
You can even sell an investment whose real estate is burdened with debt and the bailiff’s execution is being carried out against it! However, such a transaction requires cooperation with the bailiff, as well as translating a number of documents, including a certificate of non-payment of tax and regular payments to a cooperative or community, as well as an application confirming the lack of people registered in the property being sold.