What is a mortgage condition for real estate loan redemption?
Group of mortgage loans
The importance of the intervention and the follow-up of transactions by a notary in a group of mortgage loans is a fact. It is up to him to study the value of the real estate project and the quality of the property in question.
Thanks to the availability of the mortgage statement, which is nothing more than a document maintained by the land registration service to which the real estate concerned belongs geographically, and which makes it possible to ensure traceability of the life of the real estate, the notary proceeds to the verification of all the details relating to the property, from a legal point of view. This is essentially the knowledge of the owners, the guarantees taken and the expertise as needed.
In addition, the mortgage status may be required of the borrower by the bank or credit institution, as part of a credit consolidation, to determine which mortgage categorization to offer.
In more detail, the mortgage state is to be understood in an even broader sense. In fact, the mortgage state is a document that is used by the land registry department and provides information on the legal status of each property present on French territory. There is also a record of the various publications and possible mortgage registrations related to this property object of the operation. In essence, a mortgage statement provides the following information about a property:
- the names of all the owners of the property (successive or not),
- the statement (s) of all mortgage registrations,
- any charges that relate to the property,
- a survey of the various publications.
Repurchasing mortgage loans
When it comes to repurchasing mortgage loans, the mortgage statement represents a real guarantee for the security of the transaction. That is why the notary must demand it and take the time to study it and analyze it in order to report to both the lender and the borrower. The role of the notary is extremely important at this stage of the proceedings. To have the mortgage status available, and to be able to analyze the contents and the details, the notary can address a request to the service of land advertisement by contacting directly the service, or by filling a dedicated form and available on the site of the service. This is a prerequisite for following the operations.