The process of buying a home using housing loans is a complicated process as well as financially complex. Since there is a third actor in the crediting process such as a bank other than the buyer and seller, transactions such as transfer of title deed from seller to buyer become more indirect.
The fact that the bank is involved adds more formalism to the transaction. Things go more in accordance with the law and procedures, but it also brings with it many complicated procedures. In this article, “an appraisal was done for my housing loan, the bank gave the final approval of the loan, what do I need to do now?”
The consumer receives the final approval of the housing loan and makes an appointment with the bank and the land registry office. Most banks send an official or lawyer to the land registry office with the consumer. However, the bank’s lawyers will first check with the relevant land registry office to see if there are any other mortgage / pledge records on the house. If there is no mortgage, the bank calls the consumer to the bank branch to sign the contract. Contracts are signed.
An important detail about mortgages is that some banks charge mortgages from consumers. In fact, housing purchased under a housing loan is exempt from mortgage fees. However, the banks do not take the mortgage fee for a fee given to the government, but for the costs arising from the mortgage inquiries made by their employees in the title deed office and the bureaucratic files prepared / monitored.
The actual price of the purchase and sale is declared to the land registry office. 2% deed fee is paid to buyer and seller separately.
After the documents are collected and the fees are paid, the collateral (mortgage) shall be recorded in the title deed record under the title deed administration accompanied by the bank lawyer. After the purchase of the new title deed, the bank opens an account on behalf of the person who sells the house and pays the loan. The most reliable way to make the down payment part of the payment is a blocked check.
It is not recommended to take cash with you as it is risky to carry cash around the title deeds. The check is blocked on behalf of the person who will keep the money in your account and the house is purchased, and the check is delivered to the seller in front of the deed officer during the title deed transfer. Then the seller can go to the bank and cash this check.
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What documents are required for the title deed?
After signing the contract, the deed office will be visited. Instead of going to the title deed office, the consumer can give power of attorney to the real estate agent or someone else and someone else can do his job instead. The title deed office can be reached with the following documents:
- Deed of the real estate to be sold
- The identity cards of the sellers and buyers (photo can be processed with passport or lawyer ID, but not with license)
- Passport photos of the sellers and two of the buyers in the last six months
- If the owner of the land title does not come to the transaction personally, the document related to the representation (power of attorney, guardian decision, custody decision, etc.).
- Again, if there is no person coming from the buyers themselves, the identity cards of the people representing them, passport photos and document about the representation
- The document showing the real estate declaration value ( fair value l) obtained from the relevant municipality of the immovable to be sold
- DASK policy in condominiums
What should be done if there is another mortgage over the deed?
If there is a mortgage of another bank in the title deed registration, it is necessary to forward the letter to the branch that the mortgage will be issued by the bank along with the agreement and other documents related to the mortgage loan at that bank. In accordance with these documents, mortgage transactions are carried out in the title deed.
In the case of any other company or third party mortgage on the title deed register of the house, the seller shall first agree with the company or person concerned and remove the mortgage on the house. After checking the blocked amount by the amount of credit on behalf of the seller, the checks are handed over to the seller by the branch personnel after the withdrawal of the existing mortgage and the establishment of a first degree mortgage in favor of the bank. The seller collects the housing fee, the loan amount, with the said blocked check.
After the consumer has completely closed the debt, the mortgage placed by the bank on the housing is removed. Many banks also charge mortgage fees for this transaction. This fee may vary from bank to bank.
The standard process of mortgage and title deed transactions and the most common situations can be summarized in this way. Apart from these, the title deed does not appear easiest, old tax debt, etc. In special cases such as new bureaucratic procedures can be added.