Sale of an apartment with a loan!
New apartment – we each dream of our own M4. Unfortunately, the prices of flats are getting more expensive every year, and hardly anyone has enough money to buy a place for cash. A mortgage is the best and most popular solution. What should we do when we have already bought and furnished the apartment and suddenly we have to move out? Is it possible to sell a flat with a loan? Find out what the sales procedure looks like.
Is it possible to sell an apartment with a loan?
People are often only after they are 40 ready for a mortgage for their dream apartment. We spend all our savings on them, because buying an apartment is one thing. If this is a developer state, we will need money to finish it. Credit for the indebted can help us in such financing. Sometimes it is even USD 60,000 depending on the size of the apartment and standards.
Even if we have our dream place and our fate will turn out so that we will have to change our place of residence, what then? Is selling an apartment with a loan an option? Yes! We can sell an apartment with a loan! But how to do it? The following paragraphs describe some of the most important things related to this topic.
The procedure of selling an apartment with a loan
The fact that we took an apartment on credit is not an obstacle to its sale. You are the owner, so you can do what you want with him. The procedure of selling an apartment with a loan:
- Sales announcement – the first step is to find a person who will want to buy an apartment from us. There are many ways: from websites to regional newspapers. Of course, in the age of the Internet, the best form is the websites with offers for buying / selling homes. It is important not to mention the word mortgage in the offer. The buyer must be aware that the offer applies to the sale of an apartment with a loan.
- Go for the certificate – the next stage is a visit to the bank, where we must obtain a certificate on the cost and interest of the loan.
- Preliminary contract – if we already have documents from the bank, we can proceed to write the preliminary contract with the person who wants to buy our apartment. Then we have to wait depending on what form of payment the buyer has. If he pays in cash, the whole process will speed up automatically. However, if he does not have such large funds, we will be forced to wait for the buyer’s credit decision.
- Notary deed – when the above elements are met, it is time to visit a notary public to sign a contract for the sale of an apartment with a loan. We do not have to worry about changing the information in the land and mortgage register regarding the owner of the apartment – this will be done by the notary public. The costs associated with the notarial deed should be equally divided into 2 pages. It’s just a matter of getting along between the seller and buyer.
- Money transfer – if the buyer got a loan to buy an apartment from you, his bank transfers money equivalent to your bank, and the rest goes directly to your bank account.
- Release from the mortgage – the stage ending the sale of the apartment with a loan is to send an appropriate letter to the bank to release us from the mortgage.
As you can see, the process of selling an apartment with a loan is quite simple. It is the same as for the sale of real estate without credit except for the last point. We also know what the procedure looks like, and what else do we need to know?
What documents do we need to sell an apartment with a loan?
During the entire process of selling real estate with a mortgage, one of the most important documents is a certificate from the bank regarding the amount of the loan. The information that should be on the document is:
- total loan amount together with the amount of insurance, interest, additional fees;
- personal data of the person for whom the loan is granted;
- account number to which the money will be transferred to the loan after the apartment is sold;
- information about the date when the loan was concluded;
- promise, ie consent of the bank to delete the loan if the debt is settled
In addition, we will also need: a document that confirms the purchase of the apartment, and a certificate that the property has no arrears in rent and utilities.
Expert tip! It is also worth having a certificate that there are no registered persons in the apartment. It is more and more often heard that people sell flats in which there are household members. Let’s skip this problem and require this document, and we will avoid many problems related to the checkout of people residing with the purchased property.