Mortgage registration: features

The main distinguishing feature of a mortgage is the provision of collateral. Thus, the term "mortgage" refers to a loan issued on the security of property. This type of loan determines the form of the mortgage at which the pledged property remains in the property of the borrower. However, in the event of the borrower failing to fulfill his obligation to the creditor, the creditor becomes the full owner of the pledge, taking advantage of his right to receive satisfaction from the sale of the property.

It should be noted that not always a mortgage is issued on the security of the borrower's own property, in some cases it may be a mortgage in which the acquired property will be taken as collateral. Registration in this case occurs at the time of acquisition of the property specified in the contract. Here you can include:

• Land plot, excluding the plots specified in Article 63 of the Federal Law;

• real estate used in business;

• residential or parts of residential buildings and apartments;

• garages, garden houses, villas and any other structure that has a consumer value.

Some subjects of the Russian Federation provide an opportunity to obtain a different type of mortgage. This is an interest-free mortgage granted to employees of the public sector, who need better housing conditions. There is also the possibility of obtaining such a mortgage for families with many children. To families with many children, one can include those families with three or more children. Some young families can also benefit from obtaining an interest-free mortgage.

Very often most people have a question about what is needed for a mortgage. Each bank, before issuing a verdict in obtaining a mortgage, collects and checks the documents submitted by the borrower. Mandatory are - passport, income statement, certified by the employer, identification code. The borrower will be asked to fill out an application of the accepted sample, which will be reviewed by the bank within a certain time. In case of a positive result, the borrower acquires real estate. In spite of the fact that the acquired property becomes the property of the borrower, it enters into mortgage of the mortgage loan.

The package of services of many banking organizations includes such a service: state registration of a mortgage, a mortgage and a contract of sale.

Any transaction made with real estate is subject to mandatory registration. It involves the recording of an appropriate entry in the Unified State Register. In order to register the mortgage, you need to prepare the following documents:

• copy and original of the mortgage agreement;

• It is also necessary to provide documents stipulated by the mortgage agreement;

• a document confirming the payment of the state fee.

The collected package of documents and applications written by the pledgor and the pledgee are submitted to the appropriate authorities in order that the procedure for registration of the mortgage with the registration entry in the register be completed. Mortgage registration takes a month from the date of application. That is, you do not have to wait long. In the event that no errors are found, we can assume that registration of the mortgage is completed.