Mortgage payoff | Áurea Inmobiliaria – Real Estate Agency in Los Alcazares
Mortgage payoff. I already paid my debts, so now what is next?
Mortgage payoff? Many clients come to our office to put their property for sale everyday. They say that there are no burdens on the property because the mortgage they needed to ask to the bank it was paid many years ago. However, when a Land Registry Certificate (Nota Simple) is asked in the Land Registry we realized that the mortgage is still there. The reason is that, once that mortgage is paid, we need to ask to the bank to go to the Notary to sign in order to delete the burden.
How is this burden deleted in the Land Registry?
It is necessary to ask in the bank for a certificate where it states that there are no debts with the property anymore. This certificate, according to the Bank of Spain, must be given without any fees.
With this certificate it is necessary to go to a Notary and ask for a Mortgage Pay Off Public Deed. This deed must be signed for a bank representative. After that, the deed must be brought to the Land Registry in order to be registered. Fees must be paid to the Notary and the Land Registry in order to do the whole process.
This process is usually not longer that four weeks.
On the other hand, if the last quota of your mortgage was paid 21 years before, it is not compulsory to go to the Notary. A request about burdens’ cancellation because of expiration will be enough for the Land Registry.
If you have any kind of question or doubts about the sale of your property, do not hesitate to contact us. We will be delighted to assist you and help you to sell your property.
If you are looking to buy a property, in our real estate agency in Los Alcazares we have many properties for sale in Murcia. Please, feel free to ask for information.