Once the term of your mortgage loan has , or if you are interest in selling the home. You can choose to cancel the mortgage at the Property Registry . This is a step that is not mandatory once twenty years have pass since you appli for the mortgage loan, except in the case of wanting to sell the property. Steps to follow to cancel the mortgage Canceling the mortgage is a fundamental legal operation if you want the mortgage of the property to disappear, once the obligation that was guarante with it has end. This may be because the mortgage loan has been paid, or because the property was at auction. The different types of mortgage cancellations There are two different types of mortgage cancellations : Cancellation that takes place when the mortgage term ends and all installments have been paid. Early cancellation, which is carri out before the end of the term for which it was grant and there is still a capital amount pending payment. In the first case, things are simpler. Once the mortgage has been paid, the bank issues a certificate that certifies it.
Request zero debt certificate from the bank
To cancel a mortgage, you must ask your bank to issue a certificate, whose name is: ‘zero debt certificate’. This document certifies that you have paying the mortgage loan. The bank must give you that document free of charge. According to the Bank of Spain, you have the possibility of carrying out the necessary to carry out the cancellation yourself or Korea Telegram Number Data asking your bank to process it for you . If you choose to ask the bank to process it, you will have to assume the possible administrative costs. On the other hand, the bank may charge you a commission for the service provid. In any case, the entity must inform you beforehand of the amounts you have to pay. Go to the notary The next step will be to go to a notary office . You have the right to choose the one you prefer . There you must deliver the zero debt certificate . The bank should not charge you anything for the signing process, nor for the trip to the notary office.
Steps to follow to make an early cancellation of the mortgage
Early cancellation can take place for two reasons . If we have enough money to pay the capital that remains to be amortiz or if. We are going to sell the home that is mortgag. Early cancellation of the mortgage by paying the capital to be amortiz First of all, you must request the balance that must be enter on a certain date . In addition, you must make the UK Phone Number List corresponding deposit on that date or before . Then, you must request a zero debt certificate from the bank, which certifies that the mortgage is paid off. Finally, all that remains is to make the notarial document that certifies the cancellation and take it to the registry. Early cancellation of the mortgage due to the sale of the home If you seek to cancel the mortgage for the sale of the home , the most common thing is that it takes place in the same act as the sale and is carri out in the following way: The bank is request to provide the balance of the mortgage on the date the sale is to take place. The buyer must prepare two bank checks.
