Did you mortgage your house and want to sell it? Perfect You have full right. You can proceed this way.
If you have your home mortgaged and want to sell it, you can do it. The mortgage is a real guarantee right that you offered to the bank – or a person – for a loan; and not an impediment so that, as an owner, you can conduct business with the real estate. Now, it must be clear, selling does not eliminate the guarantee, does not forgive the obligation to pay the debt.
How to sell a mortgaged house
Suppose that five years ago you took a mortgage loan with a bank to buy an apartment. Now, you want to invest in a venture with some friends. One of them told you that you could sell the apartment. How does the business work?
The department is affected by a mortgage, which is registered with SUNARP, the National Superintendence of Public Registries. There is not the slightest possibility that SUNARP will accept the registration of a new sale without the bank issuing a mortgage cancellation certificate. Why? It is your obligation to defend the bank. Otherwise, the guarantee would not really be a guarantee, I would not know who is responsible for the debt.
So, the way to proceed is this:
You can hire an advisor or real estate agent and pay the commission to help you establish the sale price, get the client and accompany you in the legal process. It is ideal. Because the business has a risk. You will see it later.
The sale price
Sometimes it is easy to determine the sale value. The property is relatively new, several neighbors have sold and you know at what price, there are several new projects in the area, you have value in your insurance policy.
You can determine it or hire an expert in appraisals, in appraisals, to have certainty and transparency with customers.
Organize a folder with all the required documents:
- Literal copy (of the writing)
- HR and PU
- Receipts of arbitrary payments
- Updated property payment
- Updated Debt Schedule
- Inform your advisor and client of the mortgage:
The mortgage does not decrease the value or creates any inconvenience in the negotiation. It is normal to have a mortgage. However, it does involve considering the payment method. For example:
- A customer wants to pay you in cash, does not need credit: Perfect. They can decide to deliver the money in two parts: one to pay the debt and get the mortgage cancellation certificate; and the balance, to the writing firm.
You have a customer who needs credit to buy: perfect. If it happens that it is the same bank, the procedure will be very simple: the bank will use the resources of your client’s credit to cancel your mortgage. When the credit is from another bank, the process will take a couple more days: the credit will cover the debt, the mortgage-free asset will be declared and you can continue with the buying and selling process.
Raise the mortgage:
The bank will only raise the mortgage when verifying that you have paid. How much? What you owe in the month in which you are going to make the payment. The SUNARP will proceed with the bank certificate, the notary will proceed with the minutes and then with the registration, confirming that you have paid the debt and the good is no longer a guarantee.