How to remove the encumbrance from the property after repayment of the mortgage?

To Have their own living space – the dream of every person. Happiness has no limits when the opportunity so, even if you have to pay the mortgage. And when the debt is fully repaid, the question arises on how to remove the encumbrance from the property after repayment of the loan.

What are the standard mortgage terms?

In order to understand this question, it is first necessary to consider what are the conditions of mortgage lending. As a rule, when a contract with a Bank or third party financial institution apartment is registered as collateral, which is the Bank's guarantee that the borrower will indeed carry out their obligations. Therefore, a person paying a mortgage that has limited usage rights to the home until the debt is fully paid.

How to reduce the encumbrance of the property?

The Collateral should be properly registered in EGRP. In General, the terms of any mortgage agreement says that all restrictions on transactions with mortgage housing will be removed after 100% payment. However, in the case of one maturity are insufficient. It should be documented. Then how to remove the encumbrance from the property after repayment of the mortgage? After repayment of debt, the new information is adjusted in the USRR. The owner gets a new certificate in which he is sole proprietor, and a document confirming the removal of encumbrances. It is important to note that this issue should be dealt with directly by the former borrower.

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There be difficulty?

The Removal of encumbrances from the mortgage housing is standard procedure, so she was somewhat simplified. To date, all documents can be completed through local MFC, however, some difficulties still appear. Most often the difficulty arises from the banking institution. The organization is required to provide an official certificate stating that the debtor has fully paid the entire amount and the contract was closed. It is a prerequisite, without which the MFC will send the document about the removal of encumbrances, and the entry in the unified state register will not be made.

Procedure removal of encumbrances

The Legislation has long been developed the General form of how to remove the encumbrance from the property after repayment of the mortgage. Sberbank and the financial institution adhere to this procedure. In order to initiate the process, each borrower is required to provide the following documentation:

• Composed of the borrower and the lender apply for the removal of the mortgage encumbrance of the collateral.

Or alternatively, can be taken into consideration the following documents:

1. A Statement from the owner of the collateral.
2. A statement by the borrower with all of the document records of the Bank about the repayment of mortgage obligations.
3. Judicial conclusion on the basis of which mortgage servicing is terminated.

Military mortgage loans granted on special terms, therefore, mandatory for the release of encumbrances occurs on the basis of the statement of the public authority, providing the opportunity of using this program.

In that case, if mortgage lending made as a share building, before to remove encumbrances from the apartment, you must provide an official document from the developer that started the project.

If we talk about the practice, most borrowers provide a jointly prepared statement from the creditor Bank, as to such a document is quicker. Alternatively, you can request the lender an official form, which would be a mark of full payment of the debt. Both of these documents are sufficient grounds for registration information in the unified state register.

Unfortunately, the complexity of the procedure is working in practice. As a rule, employees of the unified state register require the borrower a number of additional documents and refuse to correct the information. In this case how to remove the encumbrance from the property after repayment of the mortgage right? In order not to lose time on pointless visits in advance is recommended to clarify the information from the banking organization or to find it in the building. The organization has every reason to demand from the borrower the passport, all the documents under the credit agreement, as well as registration information. In addition, the service authority will not free. The average cost of fees is about 350 rubles.

Where to begin?

Even before the full repayment of the debt many borrowers are already thinking how to remove the encumbrance from the property after repayment of the mortgage (the savings Bank or another institution). After you made the last payment on the mortgage debt, each borrower should contact the Bank to get proof that all obligations on its part, the borrower complied. Most specialists in mortgage lending working inthe Bank is always ready to provide all possible assistance and to conduct high-quality advice on the procedure for the removal of encumbrances. It is best to use first thing.

Some banking institutions are trying to provide maximum services, so you can when you request yourself to send all the data on maturity for inclusion in the register EGRP.

How to initiate the procedure on your own?

In that case, if the Bank is missing an opportunity to help his client to provide information in the unified state register, each borrower will have to act independently, proceeding from own interests. There is a standard manual that will help organize the entire process and to determine further actions of the borrower.

In the first place, before you remove encumbrances from the apartment, you must contact the Bank branch, which was signed the mortgage contract, and order closing certificate agreement in connection with the performance of the obligations. If for some reason there was a lost copy of the contract, it must be requested with the mark of full payment.

Next, the borrower writes a letter with a request to amend the records, pays the state fee and collects additional documents in case of need.

Where do I apply?

The First way, which is logical – applying directly to the Federal service for state registration, cadastre and cartography. In this case, the initiators have to be both sides – the former borrower and the Bank representative.

The Second way – filing of documents by registered mail. In this case, the statement with the signature of the parties must be notarised.

The Third way – the Internet resource. There you can find help on how to remove the encumbrance from the property after repayment of the mortgage. «public Services" - the official portal which is designed to facilitate different operations. It is important to know that for this action, you must have an electronic signature. Otherwise, the user will have access only service record in the electronic queue.

The Fourth way – multi-purpose centres that provide a range of services in “single window”. How to remove the encumbrance from the property after repayment of the mortgage (Sberbank) through MFC? To do this, along with the statement must be submitted to the organization all necessary documents.

For the removal of encumbrances, it is recommended to go to the MFC, since it is here that the whole procedure is carried out in the shortest amount of time. If this is not possible, then you can directly apply to the Federal registration service. However, it is understood that the review of all documents takes some time. Most often, the decision on this issue shall be taken within three, maximum of five working days. The final stage is perhaps the most joyful, because the borrower is to only extract from the unified state register.

Common problems

Usually the problem when changing the registration record associated with the disagreement between the creditor Bank and the borrower. Most often, the Bank is not able to repayment after a short time to prepare all the necessary documentation for the customer, so before you remove encumbrances from the apartment, asks to wait for one month. This may be due to a system update or internal regulations. Also after receiving the last payment the Bank checks all the payments and perform the reconciliation, which should show the absence of any indebtedness.

It is Important to know each borrower, if it is planned early closure of the mortgage contract, the Bank must notify for a month, in order further not to overpay and avoid confusion in the documents. In addition, when an opportunity arises to pay off debt faster, best time to visit the Bank in person and consult with the employee about further action.

In connection with the recent events, when many financial institutions select a license, many borrowers raises the question of how to remove the encumbrance from the property after repayment of the loan, if the Bank is closed. In any case, the rights and obligations of the institution that has ceased operations, transferred to another organization. In this case, for the removal of encumbrances will need to apply it in this Bank.

The Removal of encumbrances as a mandatory procedure

The Removal of encumbrances with a mortgage housing – a prerequisite for full future use. Without entering information in the register EGRP, the borrower will remain the debtor, therefore, will not be able to perform financial transactions. That is, he will not be able to sell their homes or make it as inheritance. Therefore, it is important to know how to remove encumbrances from the apartment, and correctly execute all documents immediately after the closing of the debt.