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Purchasing/selling real estate with a bank encumbrance

Do you want to purchase a real estate and have you learned that there is a lien (encumbrance) on your dream property in favor of the bank? Maybe you are on the opposite side, and you need to tackle the problem of selling a property on which you still have an unpaid mortgage loan.
In both cases, the situation seems difficult to resolve. But is it really such a big problem as it looks at first glance?

The most common steps are:

Buying or selling a property with an encumbrance
If you buy (or sell) a property with an encumbrance of the seller through the mortgage loan of the buyer, it is necessary for the seller and the buyer to communicate with each other.
The buyer requests a mortgage loan
to repay the seller’s mortgage + to pay the remaining purchase price. The seller simultaneously requests the calculation of the balance of the mortgage loan, the consent to the establishment of the lien in the second place of the financing bank of the buyer and the consent to an early mortgage repayment. The seller’s bank, after repaying the seller’s mortgage, will issue a consent to the cancellation of the lien (acquittance) on the property, which has expired by the repayment of the mortgage loan.
However, it is best to resolve the situation through an independent mortgage specialist who will be able to advise the buyer and the seller at the same time. He will also be able to provide them with information on the conditions of each bank and to align the steps of both parties.

Transferring the encumbrance to another property
If there is an encumbrance on your property, and you want to sell it, or for some reason just to free it from encumbrance, and you have the opportunity to guarantee with another property, you can transfer this encumbrance even without repaying the mortgage loan.
In the first place, it is necessary
to have the real estate valued through an expert report in order to prove the sufficient security value of the “new” real estate. Subsequently, you must ask the bank for a change in the conditions of the contract – a change of the lien and you must also enclose the current expert report on the real estate to which the encumbrance will be transferred.
Once the bank has approved the change, it will issue new pledge contracts based on which the change of the lien will be registered at the land registry office. Once the change has been registered at the land registry office, the bank will give you permission to clear the lien (acquittance) on your “original” real estate, and then the land registry office will clear the encumbrance on the original property.

If these steps seem very complicated to you, do not worry. are people who deal with these situations on a daily basis as part of their job and they will be glad to help you. So do not hesitate to contact them...

KAMAPRO s. r. o., 07.07.2009

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