You have chosen a home and you have decided to buy, now what? In Inmoteca Inmobiliaria we want to explain what you should do.
Once you have chosen a home, the next thing you should do is go to the Property Registry and request the note stating that the property does not have any type of charge registered in it.
The charges are arrangements by which the owner acquires some debts or obligations through your home, these can pass from one owner to another in case of a sale, so go to the register and know beforehand if there is any, can save us Many headaches. Several types of charges can weigh on a home, but in this article we will explain a little what is perhaps the most frequent: the mortgage burden.
A mortgage charge is a debt that is acquired with a financial institution in which real estate is used as collateral and payment commitment. The period for which a mortgage is contracted can last up to about forty years and can be done at a fixed or variable interest rate.
If you discover that the home you are about to buy has a mortgage, you have two options:
Ask the seller to make the payment of the debt before the purchase, so that you acquire it totally free of charges.
Subrogate to the mortgage. For this you require the consent of the financial institution and you could even involve a second entity if it presents a binding offer with better conditions than those that the mortgage originally granted. In this step you must notify the initial entity and wait for it to accept.
How you see these procedures can be tedious or even end up producing some displeasure if there is a wrong or late information. We are very experienced in the real estate sector. Consult us without compromises!
