Pokud již máte kupce na nemovitost, jako první se zajímejte o to, jakým způsobem zaplatí požadovanou kupní cenu. Setkat se můžete se třemi možnostmi. Kupující má dostatek vlastních finančních prostředků na úhradu If you already have a buyer for the property, the first thing to look for is how they will pay the asking price. You may encounter three options. The buyer has sufficient funds of their own to pay the full purchase price and therefore will not use a mortgage, the buyer will finance the purchase of the property using their own mortgage loan or they may also choose to take over your existing mortgage. “Selling a property with a mortgage is now quite common and poses no problem for banks. The important thing is that the buyer is sufficiently creditworthy. In the case of financing the purchase of a property with a mortgage, it may happen that the buyer does not meet some of the bank’s conditions and does not get a loan for the purchase of an apartment or house,” warns Veronika Hegrová from the fintech startup hyponamíru.
Prepare your basic documents
Whether you are selling an apartment or a house, prepare the necessary documents and papers in advance. When dealing with your existing bank, you will always need an ID card or other alternative proof of identity. Any co-applicants for the mortgage will also need to provide personal documents. When selling a mortgaged property, the existing loan agreement and mortgage balance calculation is also an important document.
If you decide to sell your apartment or house for which there is a mortgage, ask your bank directly what documents it will need from you. An experienced mortgage adviser will also explain how selling a house or flat for which there is a mortgage works.
The buyer has his own resources ready
PWhen selling a property through a real estate agent, a reservation contract is normally concluded. “The reservation contract defines the rights and obligations of both participants. In this document, the seller undertakes to sell the property to the buyer at the agreed price. The buyer receives a guarantee of the reservation of the property for an agreed period of time, which gives him the space to accumulate funds for the purchase,” says Veronika Hegrová.
You will then contact your existing bank with the signed reservation agreement, inform them of your intention to sell the property and ask them to calculate the current mortgage balance. This amount must be included in the purchase contract.
Then you will sign a purchase contract with the seller, or a contract for attorney’s escrow (note: the money for the mortgage payment must be sent directly to the bank and the rest to the seller’s account). “Subsequently, a petition for change of ownership of the property is filed, to which the seller’s bank gives its consent for the land registry. At the time of the transfer, the seller’s lien has not yet been cleared, which often entails a prohibition of any manipulation of the property, including the transfer of ownership,” adds Veronika Hegrová.
After the buyer is registered as the new owner in the Land Registry, the remaining part of the money from the attorney’s escrow, if agreed, is released, and the seller’s bank releases the pledge upon receipt of the amount due (note: usually within 30 days of payment of this amount, plus another 21 to 30 days for deletion from the Land Registry). Payment of the money from the attorney’s escrow may be tied to the deletion of the pledge – depending on how the buyer and seller agree between themselves.
The buyer finances the purchase of the property with a mortgage
The buyer can choose which bank to arrange the mortgage with. If he finances the property with a loan from the same bank with which you have a mortgage, the property remains pledged to the same bank. In this case, the ownership of the property changes and the mortgage agreements are redrafted. Each mortgage implies a different lien, which is entered in the Land Registry, and the original one is subsequently deleted. Veronika Hegrová adds: “The advantage for the buyer is that he can set the terms of the mortgage according to his needs, i.e., for example, choose the maturity period, fixation or the amount of the monthly mortgage payment. Once the bank approves the buyer’s mortgage loan, it will release the money to repay the existing mortgage and transfer the remainder of the purchase price into the seller’s bank account or into the solicitor’s escrow.”
When selling a property, it is worth finding out whether the buyer has already had preliminary discussions with the bank about a mortgage. A responsible buyer will only sign a reservation contract when he or she is sure that he or she will be able to obtain the required mortgage amount.
If the buyer chooses a different bank than yours, the real estate transaction may take longer. Again, you need to take into account the Land Registry’s deadlines for transferring a mortgage from one bank to another. Once your bank has calculated your current mortgage balance and you have signed the purchase agreement or escrow agreement, the buyer’s bank will create a lien on the property. “The mortgage is then drawn down from the buyer’s bank and a change of ownership application is made, which your bank agrees to. Once consent is given, the buyer’s bank is registered as a second mortgagee in the Land Registry. After the settlement of the existing mortgage, the bank waives its lien and only the buyer’s bank is listed as the lien creditor in the Land Registry and the new owner of the property as the owner,” explains Veronika Hegrová.
Buyer assumes existing mortgage
A possible solution is to transfer the existing mortgage to the buyer. Transferring the mortgage may be advantageous to the buyer if your existing loan has a significantly better interest rate than the newly negotiated mortgage loan. “The buyer must comply with all of your bank’s terms and conditions when taking over the mortgage, just as if they were taking out a new mortgage. Taking over a mortgage is faster than arranging a new loan with another bank, because your bank already has the property as collateral and also has all the necessary information about the apartment or house,” adds Veronika Hegrová. The purchase price of the property is usually higher than the outstanding part of the mortgage. When you sell, the amount of the mortgage is deducted from the purchase price and the difference in price is paid into your account.
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