Those who enter the mortgage world encounter a large number What is it of technicalities and concepts that they do not know . What is it It is necessary to be clear that we must clearly understand these concepts before making a decision. In the next article we will focus on the transparency act. What is the transparency act? This is a procedure that serves to ensure that you clearly understand what you are going to sign and that there are no abusive clauses. Once you have verified your knowledge of the necessary concepts before appearing. Before the notary, it is likely that you still have certain doubts about the transparency act. This document must be signed during the mortgage loan application process and is intended. To inform the client about the characteristics and conditions of the mortgage they have requested. It is necessary that it contain clear and detailed information regarding points such as the interest rate, associated commissions and expenses, the repayment period of the mortgage loan and possible renegotiation or early cancellation clauses.
Documentation necessary before the transparency act
Although you will have to control some extra documents, for example the. European Standardized Information Sheet (FEIN) or the Standardiz Warning Sheet (FiAE), to sign the transparency act before a notary. Mortgage loan applicants Oman Email List must bring the following documentation: DNI or NIE of those requesting the mortgage loan. Documentation that proves the ownership of the assets subject to the mortgage loan: property, purchase and sale contract, certificate of encumbrances, etc. Binding offer or similar document that clarifies the financial conditions of the mortgage loan: the interest rate, the repayment period, the associat commissions and expenses, etc. Home and life insurance , in case they are requirements for granting the loan. Documentation that the bank or the notary requests to guarantee the transparency of the process. A fundamental point is that applicants carefully review all mortgage loan documentation prior to signing the transparency act . If there are any doubts, they must be with the bank or the notary before signing . In this way, they will be well inform about the conditions and characteristics of the mortgage loan they are going to contract.
When is the transparency act carried out?
The transparency act takes place during the application process for a mortgage loan. It will always be before the signing of the deed before a notary , generally it takes place about three days before. The bank has the obligation to provide the Korea Email List client with a binding offer. In other words, a document that details the financial conditions of the mortgage loan they are going to contract. There it will be: the interest rate, the repayment period, the commissions and expenses, among others. Once the client has received the binding offer and has had the necessary time to analyze it carefully. The transparency act is before a notary. It is essential to make it clear that the transparency act is an informative document, this means that it does not imply acceptance of the bank’s offer. The client has the possibility of choosing not to sign the mortgage loan at any part of the process if he believes that the conditions are not convenient or if he is not with the information he has received.
