Mortgage in the purchase contract

  • Erstellt am 2016-01-07 13:26:56

sauerpeter

2016-01-07 13:26:56
  • #1
Hello,
we have now received the draft purchase agreement. In sections II and III, the property is free of encumbrances.
But what is the deal with the mortgage now? We can pay for the property immediately without a loan.
Thank you for your help.
 

nordanney

2016-01-07 13:28:41
  • #2
First nothing!
 

sauerpeter

2016-01-07 13:44:25
  • #3
What does that mean?
 

sauerpeter

2016-01-07 13:49:13
  • #4
Is it basically irrelevant for the current purchase? Why is it then included? As far as I know, the bank only comes into the land register later if a loan is needed. The agreed loan amount is then entered as a land charge in the land register to be secured in case of emergency. That's how I believe it works with house construction when a loan is needed. But what does that have to do with the current land purchase? It is paid from equity. So it is completely irrelevant in this case.
 

FrankH

2016-01-07 14:03:31
  • #5
What does the purchase contract even say about the issue of a land charge? Is it, for example, only a permission to apply for the registration of a land charge before you are listed as the owner in the land register? Maybe it is also a standard template. You can tell the notary that this section is not necessary for you. That is why you receive the draft for review. Without such a section, you might have a problem if the purchase price is partly financed by a loan. The bank wants to see the registered land charge first before the loan is disbursed. The seller, however, wants to see the money first before the change of ownership is registered in the land register. In my case, at least, I was able to have a land charge registered before the change of ownership was recorded in my name. However, that may also be a special case because I bought an inherited house from my parents and we waived the usual frills (transfer of ownership, money flow through a notary account, etc.). I don’t even know if this is otherwise a common clause.
 

nordanney

2016-01-07 14:05:04
  • #6
What is written? What is your question?
 

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