What is a mortgage ?: The mortgage is a guarantee. When taking a mortgage loan, for example, real estate is offered as a guarantee of payment. Once all the credit is paid, the mortgage is lifted.
Who participates in a mortgage ?
To legalize the mortgage the parties involved in the business must sign the deed. If the loan is granted by a bank, you must sign who has legal representation. Also, you must sign who receives the loan and grants the guarantee, that is, the owners of the property.
How long is the mortgage ?: Suppose you took a loan for 15 years and the bank asked for your home as collateral. The mortgage will be valid as long as you do not finish canceling the loan.
How is a mortgage carried out?
It is such a serious act that lawyers (those of the financial institution) or those of the notary are normally involved. In the public deed it will be indicated that the real estate will serve as collateral for a loan.
Where is it legalized? : The notary requests before the SUNARP (National Superintendence of Public Registries) to register a mortgage “in first degree” of the property in favor of the one who granted the credit. This procedure is known as mortgage guarantee const ituction. The Sunarp issues a certificate stating the mortgage.
What legal effects does a mortgage have?
First, it protects the person who granted the loan. In the certificate issued by SUNARP, the legal status of the real estate is appreciated. If, for example, it says that the good is mortgaged in the first degree in favor of a bank, the bank will have to sign any document that involves a business of that good. Otherwise, the business will not be legalized. Why? And l bank has rights to the property until you pay the debt.
Therefore, to sell or mortgage it, you must first pay the debt. The second effect is this: the bank will be able to initiate a legal process to show that it has a mortgage in its favor and that it claims the property to pay off the debt, since the credit takers suspended the payment of the installments.
Mortgage credit is a very old figure. In Peru, about 30 financial institutions offer this product in different modalities: Buy house, apartment, beach house, office or warehouse. No, future or used.
They also lend to build, remodel, expand or improve homes.