Buying a secured apartment is a troublesome business. If the property is in the encumbrance of the bank, it will go to the reissue of credit documents only in exceptional cases. Employees of financial organizations are much more favorable to the situation when the buyer has the opportunity to pay the cost of housing immediately, without using borrowed funds in this bank. The buyer is obliged to fully repay the debt of the owner of the property. This is the most important condition for the sale of a secured apartment.
While housing is officially considered to be under encumbrance, it is impossible to make any transactions with it. Only after the payment of the entire debt, including interest and penalties for late payment, the property will officially become available to the borrower and he will be able to dispose of it.
How to buy a mortgage apartment: we study working schemes
We offer to consider three existing, the most common options for selling an apartment that is secured.
The person who wants to buy a house repays the debtor's loan. Let's just say that in this case, the buyer is practically not protected by anything, and will act at his own risk. Because after removing the pledge, the seller may change his mind, and forcing him to sell legally will be very problematic.
Sale of real estate through a bank. Payments are made with the help of accredited accounts or rental of bank cells. In one of them there is money intended for the bank, in the second-the balance of the amount fixed in the contract of sale. Then the contract and the bank's statement about the absence of claims against the seller are sent to the Federal Reserve Service.
Here, too, everything is not so safe for the buyer of collateral real estate. The fact is that the re-registration of property is given 10 days. During this time, the current owner has the full right to cancel the transaction.
Sale through a change of mortgagor. In this type of transaction, money is also transferred through bank cells. But in this case, the buyer does not sign the contract of sale. Simply by mutual consent, the collateral and debt obligations are reissued to the buyer. Then the seller receives the amount due to him, the bank — part of the money for the repayment of debt obligations, the buyer-a certificate of ownership. But it is necessary to clarify that the housing continues to be listed as collateral. After all obligations to the bank are closed, the restrictions on the apartment cease to apply.
The latter method is the safest for all three parties. But it is important that the bank agrees to it. This requires a competent negotiator. Lawyers specializing in real estate are most suitable.