How to sell my apartment with a mortgage
Are you wondering how to sell your house, but don’t know if it is possible with mortgage debt? At Monika Rüsch we confirm that it is possible: you can sell your home with a mortgage. You just have to take into account that the remaining amount is less than the sale price of the property . We detail everything below.
If you are considering the option of putting your apartment for sale in Barcelona , but you haven’t taken the step because you don’t know if it is possible to sell with a mortgage, let me tell you that it is possible . The most important thing you should keep in mind is that the outstanding amount of the debt must be less than the sale price of the property. From our luxury real estate agency in Barcelona we detail all the steps you must follow.
How to sell my apartment with a mortgage: Monika Rüsch
How to sell my apartment with a mortgage: steps to follow
The first thing you have to do to sell your home with a mortgage is to ask the bank where you have the mortgage to provide you with the certificate of outstanding balance as of the date of writing. This document indicates how much money remains owed to the bank (capital + interest) on the day of signing the deed of sale. It is very important that the certificate indicates the property number of the property registry and that it bears the signature of the agent and the seal of the bank.
When the sale of the property is confirmed, the buyer, upon signing the deed, will settle the seller’s outstanding mortgage. That is, he will pay the bank where the mortgage is (via transfer through the Bank of Spain) the amount pending payment. This amount will be subtracted from the total cost of the home, leaving the part of the sale that will go to the seller.
It is important that the transfer be made through the Bank of Spain so that the mortgage bank receives the money on the same day. If not, the money arrives after two or three days, so the amount should be recalculated since those days of delay generate interest.
When the bank receives the money, it issues the Certificate of Zero Balance or Administrative Cancellation and the notary and the bank’s representative can now sign the deed of cancellation of the mortgage as the debt for the rental apartment in Barcelona has already been settled. Finally, the notary sends this deed to the property registry to proceed with the registration cancellation.
Selling an apartment with a mortgage: the costs
All these procedures to sell your home with a mortgage have a cost, since as it is a burden that encumbers the property, it is important that in order to sell it it is free of charges, therefore, the seller will be responsible for paying the cancellation costs. registry. The notary who signs the sale will make a provision of funds to the seller for the registration cancellation and, once the costs have been paid, if there is any money left over, it will be paid to the buyer. The amount of the provision of funds depends on the initial capital of the mortgage, but can range between €900 and €1,500.
Now you know that, if you have not finished paying the mortgage on your home, you can also manage its sale and if you need it, from our real estate agency in Barcelona we can help you carry out all the necessary procedures.
Now you know that you can sell your house with a mortgage and if you need it, from our real estate agency in Barcelona we can help you carry out all the necessary procedures.