If you buy a house, be careful not to fall into this trap
You have finally found the house you wanted and at the right price. There may be anxiety about not missing out on the deal so speed up the conclusion. But in a hurry you risk not carefully checking that the property has all the structural and financial requirements to be purchased. In particular the mortgage. Before buying a house, always check that the property is not subject to a mortgage.
What exactly is the mortgage? It is a real right in favor of the creditor of a debt. In the event of non-payment of the debt, the creditor can retaliate against the asset. Foreclosure and expropriation.
The first degree mortgage is regularly placed by banks on houses purchased with a mortgage. It is the guarantee that in the event of non-payment of the mortgage, the bank can resort to the attachment of the property and its subsequent sale.
How to cancel a mortgage on a property
So if you buy a house, be careful not to fall into this trap. And the solution is to go to a notary. It is the professional who can verify the existence of mortgages on the property. In fact you could also verify us directly through a consultation at the Territory offices of the Revenue Agency. But considering that the material is delicate and complicated, it is better to leave it to the professional. Making sure that it has carried out the checks to verify the absence of constraints, even other than the mortgage, such as any attachment deeds, pre-emption rights, historical constraints.
The cancellation of the mortgage takes place through a notarial deed by which the creditor renounces the mortgage. In the case of the bank, this should automatically remove it when the mortgage is extinguished. But if you buy a property still subject to a mortgage, it is better to first agree with the bank itself for the cancellation of the mortgage right