Real estate purchase with a bank encumbrance
Do you want to take out a mortgage loan and the bank has a lien on your chosen property? This case requires the increased confidence of the seller of your skills, or the possibility to get a mortgage loan. Therefore, it is necessary to set up the individual steps of the whole process well.
What is needed to arrange a mortgage to repay another mortgage:
First, you need to know the balance of the mortgage on the purchased real estate. Once the mortgage loan is approved, you must provide the bank-validated form with the mortgage balance and also the consent that it is possible to repay this mortgage loan. Also, you need a consent to register the lien on the second property for the bank that will grant you the mortgage loan. The consent and form can be obtained without difficulty, but the correct timing of all steps is necessary to avoid undue sanctions, whether from the bank to the seller or the seller to the buyer.
Once the mortgage has been drawn down, it is necessary to submit the acquittance of the corresponding bank. The acquittance must also be delivered to the relevant land registry office that clears the encumbrance of the bank of the seller, registers the encumbrance in favor of your mortgage bank and, at the same time, a transfer of property rights takes place.
Our free services are definitely a good choice if you want to avoid unnecessary stress or unwanted financial loss.
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