The main distinguishing feature of a mortgage isprovision of collateral. Thus, the term "mortgage" refers to a loan issued on the security of property. This type of loan determines the form of the mortgage at which the pledged property remains in the property of the borrower. However, in the event of the borrower failing to fulfill his obligation to the creditor, the creditor becomes the full owner of the pledge, using his right to receive satisfaction at the expense of the sale of the property.
• Land plot, excluding the plots specified in Article 63 of the Federal Law;
• real estate used in business;
• residential or parts of residential buildings and apartments;
• garages, garden houses, villas and any other structure that has a consumer value.
Some subjects of the Russian Federationprovide an opportunity to obtain a different type of mortgage. This is an interest-free mortgage granted to employees of the public sector, who need better housing conditions. There is also the possibility of obtaining such a mortgage for families with many children. To families with many children, one can include those families with three or more children. Some young families can also benefit from obtaining an interest-free mortgage.
Very often most people have a questionabout what is needed for a mortgage. Each bank, before issuing a verdict in obtaining a mortgage, collects and checks the documents submitted by the borrower. Mandatory are - passport, income statement, certified by the employer, identification code. The borrower will be asked to fill out an application of the accepted sample, which will be reviewed by the bank within a certain time. In case of a positive result, the borrower acquires real estate. Despite the fact that the acquired property becomes the property of the borrower, it becomes a mortgage of a mortgage.
Any transaction made with real estate,is subject to mandatory registration. It involves the recording of an appropriate entry in the Unified State Register. In order to register the mortgage, you need to prepare the following documents:
• copy and original of the mortgage agreement;
• It is also necessary to provide documents stipulated by the mortgage agreement;
• document confirming payment state duty.
The collected package of documents and statements,written by the pledgor and the pledgee, are submitted to the appropriate authorities in order for the registration procedure of the mortgage to be completed with the entry of the registration entry in the register. Registration of a mortgage takes a month from the date of application. That is, you will not have to wait long. In the event that no errors are found, we can assume that registration of the mortgage is completed.