When buying an apartment on a mortgage, one should not forget that after completing payments on obligations, you must go through the procedure for removing encumbrances on a mortgage, otherwise you will not be able to have full property rights to your property.
Mortgage encumbrances are a special procedure stipulated by the loan agreement. The bank restricts the borrower's property rights to real estate until payments are completed: an apartment encumbered with a mortgage cannot be sold, it cannot be donated or inherited. Until the mortgage is paid, the bank remains the owner of the apartment.
After the full repayment of the loan debt for the apartment, you need to remove the mortgage encumbrances in order to become its full-fledged owner. Despite the fact that all organizations, including banks, have their own databases of borrowers, you must personally appear at the Territorial Branch of the Rosreestr Office with a statement to remove the mortgage encumbrance from you. You should write an application within 15 days after the full repayment of the loan.
The application for the removal of mortgage encumbrances must be accompanied by:
- - application of an individual to amend the Unified State Register of Legal Entities in connection with the removal of restrictions on the right to sell and donate;
- - the pledger bank will also be required to present a certificate of payment of the mortgage loan by you, certified by the signature of the official and the seal of the credit institution;
- - a copy of the passport and TIN.
Forms of forms can be found on the official website of Rosreestr.
The official procedure for removing the mortgage encumbrance and making changes to the register of real estate rights lasts a month, only after that you can become a full-fledged owner of your real estate purchased under a mortgage loan. To shorten this period, you must first familiarize yourself with the procedure for removing the mortgage encumbrance, without waiting for the last loan repayment, prepare all the necessary documents and immediately contact the Rosreestr organization. You also need to find out the address of the local branch in advance and consult with specialists, perhaps there are some nuances.
In any case, before taking out a loan for the purchase of real estate, you should thoroughly study the legal provisions and carefully read all the documents that you sign.
