{"id":238678,"date":"2023-06-05T15:15:10","date_gmt":"2023-06-05T13:15:10","guid":{"rendered":"https:\/\/aq-acentor.com\/?p=238678"},"modified":"2023-06-05T15:17:55","modified_gmt":"2023-06-05T13:17:55","slug":"how-to-sell-an-apartment-with-a-mortgage","status":"publish","type":"post","link":"https:\/\/aq-acentor.com\/en\/how-to-sell-an-apartment-with-a-mortgage\/","title":{"rendered":"How to sell an apartment with a mortgage? Follow these steps"},"content":{"rendered":"\n

One of the most common ways to sell an apartment in Spain <\/strong>is with a mortgage, and it\u2019s easier than you\u2019d think. Most people end up selling their property before they\u2019ve finished paying off their mortgage. It might have been paid off, but the mortgage burden still hasn\u2019t been removed from the Land Registry. You’re in luck because it\u2019s all rather straightforward<\/strong>. Check out our in-depth rundown below.<\/p>\n\n\n\n

Can you sell an apartment with a mortgage?<\/h2>\n\n\n\n

Of course you can<\/strong>, whether you\u2019re selling an apartment or a house. You\u2019d be surprised at how many people are willing to buy an apartment with an outstanding mortgage. What’s more, quite often it’s the buyer <\/strong>who assumes the Land Registry-related costs.<\/p>\n\n\n\n

There are two ways<\/strong> to buy an apartment with a mortgage: to pay off the mortgage<\/strong> with the money from the sale itself (the most common way); or to change the ownership of the mortgage<\/strong> into the buyer\u2019s name, however this can be rather tricky.<\/p>\n\n\n\n

Who pays mortgage cancellation fees?<\/h2>\n\n\n\n

Mortgage cancellation fees are payable by the seller<\/strong>, and can be anywhere between 5% and 15% of the selling price<\/strong>. This is why the vast majority of sellers prefer to pay off their mortgage by selling their property<\/strong>.<\/p>\n\n\n\n

How is a mortgage cancelled through a sale?<\/h3>\n\n\n\n

If you’re looking to sell an apartment with an outstanding mortgage<\/strong>, the best thing would be to get in touch with the estate agent or place an advertisement on property portals, if the property is free of encumbrances<\/strong>.<\/p>\n\n\n\n

The procedure to follow to sell a property with a mortgage <\/strong>is exactly the same as if it had no mortgage. A date must be set for the deeds to be signed<\/strong> which is when these 4 steps <\/strong>need to be followed:<\/strong><\/p>\n\n\n\n

\"Steps<\/figure>\n\n\n\n
  1. Contact your bank <\/strong>to request an outstanding balance certificate. Notify the notary <\/strong>of the sale and the day on which the deed is to be signed. Moreover, ask the bank to issue a certificate<\/strong> stating how much of the mortgage you have left to pay off.<\/li>
  2. Provide the buyer or his\/her estate agent with a copy<\/strong> of the certificate of outstanding debt.<\/strong> This must be brought on the day on which the deed is signed before the notary. The buyer must bring two cheques<\/strong>; one for the bank (with the outstanding amount of the mortgage to be paid) and one with the remaining amount for you<\/strong>. It\u2019s therefore important to provide the certificate of outstanding debt in advance.<\/li>
  3. You must be there to sign the deed.<\/strong> This is where the buyer will hand over the cheque to the bank with the corresponding amount that will pay off the mortgage.<\/li>
  4. Next, <\/strong>cancel the mortgage<\/strong><\/a> at the Property Registry<\/strong>. Nevertheless, this is not the last step; you must remove the mortgage<\/strong> burden that is still active in the Land Registry. Do this by asking the bank to issue a zero debt certificate. <\/li><\/ol>\n\n\n\n

    Selling a house with a mortgage to buy another<\/h2>\n\n\n\n

    People are becoming less apprehensive about buying a property with a mortgage<\/strong>. If you\u2019re looking to sell your house with a mortgage to buy another one, there are two ways to go about it<\/strong>:<\/p>\n\n\n\n