Sir Rat me when drawing up the sales contract How the seller has the property in the bank for 13 lakes now the price between buyer and seller is concluded. the buyer pays a small sum of 5 lakes as an advance and he said he will pay the balance over 3 months of the agreement, now the seller wants a point in copy of contract, as the buyer will repay the amount owed from the bank for the mortgage real estate or he will repay the amount of the credit to the seller for the release of the document by the bank before the registration of the sale , I need the right sentence or words to write in sales contracts. Letter from the bank: The seller must receive a letter from the bank in which his property is mortgaged, the bank stating that it agrees to abandon the original real estate documents after the full payment and the last of the current home loans. There is no doubt that the paperwork will be on top when it comes to a mortgage real estate purchase. But it also has its own advantages: if a person decides to sell their mortgaged property, they should make sure they have all the important documents – certificate of sale and residential business, etc. (depending on the type of property). A confirmation of sale is required to confirm the ownership and the owner`s power to sell the property. However, if the property was already in possession, it is the buyer`s responsibility to require a copy of the previous deeds. In addition to the deed of sale, the buyer should also request copies of stamp duty and other registered property documents. Of course, if the property is pawned for sale, its documents are held as collateral by the bank. How a person sells his mortgaged property depends in large part on how the buyer is paid. According to legal experts, the sale of a property cannot be made when a seller serves a home loan, because the buyer wants to see the original real estate documents held by the bank. Therefore, the amount paid by the bank for the disclosure of the documents should be part of the real estate purchase agreement.
Mortgaged real estate is usually sold with a discount to new ones. That`s because they`ve been busy for a while and they might have a bit of wear and tear. Thus, if you buy a mortgaged property, you will receive a finished property at a lower cost. Miscellaneous documents: All other documents needed by the state and local government on the location of the accommodation or you to buy the property. Some governments and local authorities may apply for a residence certificate or documents to allow you to purchase the property. For those who want to buy the new property with a home loan, the seller must first repay the home loan. It is not possible to simply transfer the loan from the seller to the buyer. To do this, you must first go through the process of obtaining a home loan for the property.