Cancel your mortgage at the property registry: tips for property owners

debts.

You may be interested in:

This is the profile of Spaniards to whom banks are giving mortgages: almost 40 years and 2,750 euros a month salary.

Now is the moment to take out a mortgage: banks are making it cheaper to attract new customers.

Remember that before you signed the contract to buy your house with a mortgage, you had to sign the Property Registry Record? Okay, in this document, the owners of the residential property sign in front of a notary that the home has an outstanding mortgage. It's important to remove this information so that it doesn't affect the sale of your home or getting a new mortgage in the future. If you forget to remove the mortgage from the Property Registry, buyers may not be able to access it or banks may not''will be able to grant you a new mortgage if the Registry shows you still have a "debt".

Homeowners with a mortgage who reach the end of the payment path need to officially finalize the process by ensuring in writing that your home is completely free of mortgage encumbrances. It is at this step that it is important to remember that if you need to sell your home at some point and you still have an unpaid mortgage, you must cancel the mortgage along with the transaction in order to transfer the home free of encumbrances. This procedure will be done first in front of the bank and then you will have to do the cancel at the Registry. This step can be done on your own or, as is most often the case, you can ask for the services of an agency for an additional fee. Resource''Image of house for sale (Europa Press)

To make sure you're following the steps to cancel your mortgage correctly, check this list and make sure everything is completed:

• You need to request a zero debt certificate from the bank.
• Go to a notary public to get a public deed of cancellation.
• Pay the tax on legal actions at the Tax Service Agency.
• Cancel the mortgage at the Property Registry by submitting all of the above documentation.

To release your home from encumbrances, the homeowner must request a cancellation at the Registry of Deeds. At the time of the request, you should note that there are three options for accomplishing this process:

• Do it yourself: This approach'. 'assumes that the owner carries out all the administrative and bureaucratic steps himself. While this is not an overly complicated process, it will take some time to complete all the paperwork.
• Trust your bank: This is usually the most attractive option for homeowners. Because you just need to let the bank know that you want them to handle all the formalities.