Can the time needed to sell a house quickly also be affected by the mortgage I have taken out? Theoretically not. For the uninitiated, the mortgage is a contract with which the bank lends me money against the fact that I will repay more in a certain time. Usually, to guarantee the money requested, the bank asks for guarantees (mortgage) on the property
In the event that you are unable to pay off the loan, the bank does not cancel the mortgage and consequently the buyer’s notary is not in a position to sign the deed.
In fact, it is the bank that must cancel the mortgage, making the property free of charges and constraints https://www.h3homebuyers.com/sell-my-house-fast-springboro-oh/
In the event that you receive a sum of money greater than that necessary to pay off the loan but you do not have the liquidity to close it before the deed, then the loan will be paid off at the same time as the deed of sale
In practice what should be done? all parties involved in the sale must be notified: the notary, the buyer, the buyer’s bank and the seller’s bank.
The selling party will have to ask their bank for the calculations of the residual loan at the date of the deed. This statement must be communicated to the notary and to the buyer’s bank if the latter uses the bank for financing.
At the notarial deed, the buyer must present two checks. The first check made out to the seller’s bank with the exact amount of the loan balance while the other check will be made out to the seller for the difference.
The cancellation procedure and notice in the conservatory are initiated against the check.
Sometimes the bank does not show up at the notary, the check for the bank is handed over to the notary who will pay it at the bank.
It is also possible to take over the mortgage which has some advantages but also a disadvantage. The takeover is a procedure in which the buyer of the property replaces the seller in paying the loan to the bank.
With this procedure the main advantages are:
The absence of costs for which takes over the mortgage. In fact, stipulating a mortgage is a notary deed subject to tax.
