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Home»Society»Mortgage loan in an alternative transaction

Mortgage loan in an alternative transaction

March 7, 2019

Almost all banks have their own mortgage lending services, and information about these services is regularly printed in the media. However, with all the visible availability, and it seems like a constant reduction in interest rates, using a mortgage is not so easy. In cases of clean purchase, when the buyer wants to buy an apartment, and the seller is ready to sell it, there is nothing complicated. Difficulties arise when one of the parties wants to improve living conditions, that is, sell an apartment and buy an apartment with the best living conditions (location, increase in living space, etc. D.).

Swift increase in prices pushes buyers to turn to the services of banks, since not everyone has savings to pay for the difference in value. Alternative transactions with the participation of banks differ, since in the scheme of transactions of the sale of sales, points and procedures binding on the bank appear. Complications are more related to the psychological component, since the technical side of the issue has already been rolled up over many years of the existence of the banking system. The difficulty is that the bank even having given its consent to issue a loan, to fulfill its promise, only after registering a transaction to the GUFRS but. All documents on the transaction (mortgage agreement, purchase/sales contract) are submitted simultaneously. The deadline for registration of the contract of the alternative transaction for the sale of sale is 30 days, and the mortgage agreement is only 7 days. As a result, the seller, having signed the contract of sale, is waiting for the final calculation for two more weeks, which is psychologically difficult to perceive the seller because, in fact, he has already sold the apartment, but there is no money in full, and the task of the real estate agency is psychologically. There are practically no such difficulties in the case of the sale of a new building in Moscow, buying an apartment in the primary market.

To solve the agency offer several solutions. The first, with the consent of both parties, is an installment agreement in which the final date of calculation with the seller is prescribed. Documents are submitted for registration, 7 days a mortgage agreement is issued, after 30 days a contract is issued. During this time, the parties should have time to recover, so that by the time of registration of the last apartment in the chain of transactions, the calculation has already been completed.

If the seller of the new apartment does not just sell the apartment, then this “clean” transaction can be completed in the real estate agency by concluding an agreement on cooperation, since the agency becomes a intermediary. In the addition, it is worth noting that attracting a mortgage scheme in the apartment chain implies that the cost of the apartments is recorded in contracts, and does not change further until the transaction. In addition to the mortgage program, banks, for example, Sberbank of the Russian Federation offers other targeted bank loans more convenient for the implementation of alternative transactions. The borrower, if there are all documents and two guarantors, are issued funds that must be used to buy an apartment. The same system is used if the transaction is participated in the cottage villages of the Moscow Region or other suburban real estate after the acquisition, the borrower provides documents on the intended use of funds, and the purchased apartment is executed as the collateral of the issued loan, and the guarantors are exempted from liability. Such a loan greatly simplifies work, in the case of a chain of alternative transactions. Using such a credit program, almost all chain participants are selling, the apartments are involved in one day, and the terms of the loan payment, ultimately, are no different, and the psychological barrier and inconvenience are absent.

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