What is a mortgage? Why does she need?

Mortgage is a registered security. It was she, because issued a specific person (the debtor and pledgor) to a specific name, namely, in the address of the creditor - mortgagee.

The mortgage bank is not prepared, and an individual who has taken the loan and provided to pledge his property. If the property is mortgaged provided the third party, then it is involved in the drafting of the mortgage.

No, of course, actually forms a mortgage bank, filling in for the client all the necessary fields. Borrower and pledger just have to sign it. But the law is considered to be that security was the borrower and the mortgagor.

Mortgage certifies once 2 rights of its owner:

the right to demand repayment of the loan;
the right to foreclosure on the property which is the subject of mortgage (if the borrower will pay on the loan in good faith).
The mortgage on the law certainly do not forget to specify a 14-point, namely, the following information:

the word "mortgage";
1. on borrowers;
2. of the pledgor;
3. on the creditor - pledgee;
4. of the loan agreement (loan agreement);
5. of the loan amount, rate of interest, the order of their calculation;
6. on the procedure for the payment of principal and interest;

about property - the subject of pledge;
The real value, confirmed an independent appraiser;
on the right, by virtue of which the property belongs to the pledger, including information on registration body which registered this right;
the presence / absence of encumbrances on the property;
signed by all borrowers and depositors;
a mortgage registration;
the date of issuance of the mortgage.
The creditor may indicate in the mortgage and other information. Some banks are instead included in the mortgage simply additional conditions are sewn together with a copy of the mortgage loan agreement.

By the way, theoretically, some mortgage conditions can be placed on the Internet site to the lender or published in the media with a circulation of at least 10 000 copies. Then when you make a mortgage it just gives an indication of the source publication.

The procedure for registration of mortgage

The mortgage is usually prepared on the day the contract of sale of apartments and the loan agreement. Although the mortgage can be made and then, at any time before the full repayment of the loan.

Mortgage transmitted together with the other documents for the purchase and sale transaction in the body of state registration of rights to immovable property. All sheets are numbered and the mortgage you need to sew.

After the registration of the buyer's property (often it is also the borrower), a body of state registration officer shall affix to mortgage information on the rights (property and mortgage), confirms this information with his signature and seal, and gives the mortgage creditor - mortgagee by placing in the mortgage even date its issuance.

If the state agency made a mistake when filling in "their" information (as it happens, oddly enough, often), it should correct the error in an explicit form and to assure its correction.

The transfer of rights to the mortgage

But we got to it, and which actually need a mortgage. After all, there is a loan agreement, has a mortgage agreement (or contract of sale with a mortgage in Sid law). Why another document?

And all the banal - to sell the mortgage it was as simple as possible. After all, if there is a mortgage, you need to make a contract of assignment of rights and under the credit agreement, and the mortgage agreement. Do not just create and register them. And if a lot of selling loans? A lot of ... Presented?

But if you have a mortgage (and we remember that it confirms once 2 (!) Law), it is sufficient to write a mortgage "to transfer the rights to something on such a treaty with such and such a date." And yet! Even no need to register it. It is possible, but not necessary.

That is why the mortgage is required to immediately provide a place for marks on the transfer of rights to the mortgage to the new owner. And more than one place, but several, because credit can "roam" from one lender to another. And you can further simplify the credit transfer process, pointing to the mortgage, it will be stored in the depository. Then all make the depositary, on the mortgage even write do not need anything at the transfer of rights.

loan Repayment

If the borrower to repay the loan, the bank that issued the credit (or the current owner of the mortgage, if the "sell" credit) does on the mortgage mark that the loan is repaid, sends the borrower a set of documents, including mortgage and a certificate of full repayment of the loan, and the borrower is in state registration authority and invalidates the encumbrance in the form of mortgages and mortgage.

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