Is it possible and how to sell an apartment pledged to the bank - purchase and sale agreement for an apartment pledged to the bank (sample)

In the real estate market today, absolutely any real estate is sold. The seller is interested in selling his apartment as profitably as possible. At the same time, the buyer wants to purchase housing legally, so that in the future he will not have problems with the purchased apartment.

Please note that many realtors offer apartments for purchase that are pledged to the bank. How legal is the purchase and sale of housing that is listed as collateral? Let's consider the pros and cons of this transaction for the seller and buyer.

 What does a seller of a mortgaged apartment need to know? 

Advantages of the deal

Owners of apartments pledged to the bank often want to get rid of problem property when they realize that repaying the loan or mortgage is beyond their pocket. As long as the housing is pledged, there is an encumbrance on it.

An encumbrance is a prohibition on the alienation of property. This means that the owner cannot fully dispose of the apartment. To sell, the encumbrance must be cleared.

Next, the encumbrance is removed and a standard purchase and sale agreement is drawn up. As a result of such a transaction, the seller quickly fulfills obligations to creditors.

Cons of the deal

Not every buyer will agree to participate in such an adventurous transaction. The owner can look for buyers for a very long time: more than one month, and possibly more than one year. As a result, if the seller does not have the means to repay the loan, the amount of debt will only increase, and the chances of selling the apartment will be less and less.

 Important information for the buyer 

Advantages of the deal

For the buyer, the benefit of purchasing an apartment as collateral may lie in the fact that such housing can be purchased inexpensively. Owners are interested in quickly selling the collateral; many go to significantly reduce the price if there is a real buyer.

Cons of the deal

Buying a mortgaged apartment is an extremely risky transaction for the buyer. Essentially, the buyer must solve the seller's financial problems. There is no guarantee that after repaying the loan at the expense of the buyer, the seller will not subsequently refuse the transaction. The risk of losing money is very high.

In addition, the transaction process takes a lot of time. After signing the contract, the buyer will have to remove the encumbrance, which will also require additional costs.

 Preparation of documents for a mortgaged apartment 

The purchase and sale of a mortgaged apartment can occur according to several schemes. Both parties are interested in choosing a legal and simpler mechanism. How exactly the transaction will take place is decided by the banking institution. Only with his consent is it possible, in principle, to carry out a sale or purchase. Why is that?

The fact is that when applying for a loan, the owner pledges his home as collateral. Legally, he remains its legal owner, but the bank is the mortgagee.

Practice shows that title documents for an apartment are kept in the bank until the loan is repaid. Accordingly, a person simply cannot sell an apartment without the bank’s knowledge.

The decision: to sell or not to sell the apartment remains with the bank.

We will describe the safest option for preparing documents for the purchase of an apartment as collateral.

The diagram looks like this:

1. The bank has complete control over the transaction. At the bank branch, two boxes for money are opened: one for depositing the debt, the second for depositing the difference between the cost of the apartment and the amount of the debt.
2. After signing the purchase and sale agreement, the bank receives the debt, and the seller receives money for the sold apartment.
3. The bank and the seller can withdraw money from the cells only after registering the buyer’s ownership with Rosreestr.

Another design option is to draw up a preliminary agreement. A preliminary agreement is concluded between the owner and the buyer subject to payment of a deposit.

The seller transfers the deposit to the bank account. These funds are credited to pay off the debt. The seller must receive a certificate of loan repayment. Based on such a document, the ban on alienation can be lifted. After which the seller can sell the home without any problems.

This scheme is more risky for the buyer, since the seller may violate the terms of the preliminary agreement. In the event of a dispute, the buyer will have to go to court. It is unknown how the trial will end. Therefore, before buying an apartment with collateral, you need to think carefully about all the details.

Video: features of selling mortgaged apartments

5 ways to sell an apartment with a Sberbank mortgage in 2023

In a difficult financial situation or if you want to improve your living conditions, the borrower can sell his apartment, which is pledged to the bank. To conduct an official transaction, it is necessary to obtain the consent of the creditor, and after repaying the debt, remove the encumbrance from the property and transfer ownership rights to the buyer.

There are 5 main ways to sell an apartment with a Sberbank mortgage, each of which has its own advantages and disadvantages.

Reasons for selling mortgaged real estate

Some categories of borrowers are not averse to selling an apartment with a mortgage, for several reasons:

1. Difficulty repaying the loan. Due to layoff, dismissal, disability or other unforeseen circumstances, the debtor cannot fully pay off loan obligations.
2. Buying a new apartment. With the advent of the second/third child, the family needs more spacious living space or financial opportunities allow them to purchase real estate in another area of ​​the city.
3. Intrafamily or domestic circumstances (wedding, divorce, conflicts with neighbors, other reasons) may force people to sell their apartment.

Is it possible to sell an apartment with a Sberbank mortgage?

In accordance with Federal Law No. 102 and the Civil Code of the Russian Federation, the borrower has the right to resell the mortgaged apartment of Sberbank, but only with his consent. According to the agreement, the mortgagee is the creditor, and since he is interested in the liquidity of the property, he is obliged to be aware of any real estate transactions.

Consent can be issued after explaining the reasons that led to the need to sell the collateral . If the bank accepts these circumstances, the formal application will be approved.

Legal nuances of selling mortgage real estate

According to Federal Law No. 102 “On Mortgage” and the Civil Code of the Russian Federation, the borrower has the right to use the purchased apartment for its intended purpose, but dispose of it only with the consent of the mortgagee. If the requirement is not met, the client will be accused of violating the terms of the mortgage loan.

It will not be possible to secretly sell a mortgaged apartment; the buyer will not be able to register it with Rosreestr due to the encumbrance.

The attitude of a banking organization to the sale of mortgage real estate

Banks are interested in timely repayment of loans. Therefore, if the borrower has a desire to sell a mortgaged apartment, they will accommodate it.

Sberbank allows the sale of real estate that is pledged to it and helps in completing the transaction.

Do I need to coordinate the sale of mortgaged housing with the bank?

It is always necessary to agree on the sale of a mortgaged property, except in cases where the buyer pays off the entire debt.

If the loan agreement stipulates the possibility of selling the housing pledged as collateral, then the bank has no right to interfere with the transaction. In other circumstances, the decision depends on the reasons stated in the application.

A lender may refuse a borrower who decides to sell a mortgaged apartment due to the loss of expected profit from interest payments.

How to obtain permission to sell a home with an outstanding mortgage

Every borrower can obtain permission to sell an apartment pledged by Sberbank, unless otherwise specified in the loan agreement. The application must be submitted to the department of the institution, indicating objective reasons. The lender's response will depend on the method of sale of the property and the timing of interest payments.

To increase the chances of a positive decision, the seller needs to find a client who is really ready to buy an apartment for cash or get a mortgage from Sberbank. The candidacy of the future owner is considered by the lender, but if the requirements are not met, the sale will be refused.

Methods for selling mortgaged housing

Without a contract, the sale of an apartment is impossible. The procedure begins with a mandatory visit to the bank to determine an acceptable option for selling mortgage real estate.

Early payment of mortgage by buyer

The method involves making a deposit from the buyer to repay the loan debt with further removal of the encumbrance. The balance of funds is transferred to the seller after the transfer of ownership.

Important! In the absence of notarization, the apartment owner may refuse the transaction without returning the deposit, so the other party needs to protect its interests.

Selling an apartment with mortgage repayment

There is another way that allows you to sell an apartment taken out with a mortgage in Sberbank. In this case, the lender acts as the recipient of the deposit, and during the transaction, safe deposit boxes are used: the first is for the bank, and the second is for the seller.

The only downside is that the transaction is controlled by the bank, and the timing depends on it. When selling urgently, this is inconvenient.

Selling a home with mortgage debt

A scheme involving the transfer of ownership of an apartment along with loan obligations. Suitable for those who do not have enough funds to buy a home.

It is quite difficult to sell a house/apartment with a mortgage and debts, so the transaction is processed by real estate agencies accredited by the bank.

Sale of mortgage real estate by Sberbank

Fourth scheme. Used only if there are serious delinquencies or if the borrower has notified the lender of the inability to pay the loan. The bank can sell an apartment through auction on specialized Internet sites.

You can buy real estate that is pledged at a price below the market price. It is important for the bank to return the loan issued, without taking into account the interests of the seller.

Why does housing come under arrest?

The main reason for the arrest is the untimely fulfillment of loan obligations by the apartment owner. If the amount of mortgage debt is close to the value of the property, the bank may require a sanction.

Other reasons:

1. Housing is the subject of will disputes, and until the conflict is resolved, the apartment will be seized.
2. The property owner owes taxes.
3. The property is pledged to a pawnshop.

Sberbank auction principles

Sberbank complies with legal norms at every stage of trading. It offers its users a convenient, simple interface, clear functionality and affordable tariff plans. Using the service, it is possible to buy an apartment as collateral in any subject of the Russian Federation on conditions of absolute anonymity.

Where are the auctions held?

Trading is carried out on the official Internet platform of Sberbank.

Pros and cons of an auction

Advantages of purchasing an apartment with a Sberbank mortgage through an auction:

1. Quick sale of real estate with transfer of ownership.
2. You can buy housing at a good discount.
3. The demand of the object of sale is reflected in the system.

Flaws:

1. At auction, the cost of an apartment can increase significantly.
2. It is impossible to obtain a loan or mortgage for the purchase of a lot.
3. Only with constant monitoring of the real estate market can a profitable transaction be made.
4. Applications must be submitted for each auction.
5. If you get too excited, you can exceed your existing funds limit.

Sale of housing with a mortgage from another bank

There are two options for selling an apartment with a mortgage to a client of another bank:

1. Double encumbrance procedure. The primary lender allows the second bank to impose an encumbrance.
2. Full repayment of the loan debt at the expense of the buyer’s personal funds with subsequent removal of the mortgage.

The most important thing is to convince the bank that the transaction is safe.

Package of documents for sale

Documents for the transaction:

• passports of both parties;
• a certificate confirming the buyer’s solvency;
• contract of sale;
• certificate of absence of debt on the loan account;
• mortgage note;
• a document confirming the transfer of funds towards the debt for real estate;
• statement on the removal of the encumbrance.

Stages of selling mortgage housing

Each method provides a special procedure for selling an apartment with a mortgage.

Stages of early loan repayment:

1. The borrower receives Sberbank's consent to sell the encumbered apartment.
2. The bank determines the balance of the mortgage debt.
3. A preliminary purchase and sale agreement is drawn up with the buyer and certified by a notary.
4. The seller checks out the registered residents from the apartment.
5. The debtor repays the loan with the deposit received and removes the encumbrance.
6. Both parties sign the contract and register the transfer of ownership at Companies House.
7. The buyer transfers the remaining funds to the seller.

The procedure for selling an apartment with mortgage repayment:

1. The bank approves the resale of the property and determines the remaining amount of debt.
2. The buyer deposits an amount equal to the outstanding mortgage into the first safe deposit box. In the second - the balance for the seller.
3. The parties sign the agreement and confirm the transaction in Rosreestr.
4. Once title is registered, the lien is transferred to the buyer and the previous owner gains access to the first unit.
5. After repaying the debt, the former owner is given a repaid mortgage on the housing, which must be sent to the MFC to receive an extract from the Unified State Register of Real Estate about the absence of an encumbrance.
6. The seller receives funds from the second cell.

Stages of selling an apartment together with credit obligations:

1. The borrower submits an application to the bank to sell the mortgaged property.
2. Independently or on the recommendation of the bank, the client finds a buyer who is ready to take out a mortgage on the property. The down payment must be no less than the amount owed on the mortgage.
3. Both parties enter into a deposit agreement with a notary.
4. The buyer transfers the first payment (deposit) to the seller or bank to repay the loan debt.
5. At the MFC, the owner of the apartment removes the encumbrance from it and receives an extract from the Unified State Register of Real Estate.
6. The buyer and seller collect the required documents and submit them to Sberbank.
7. The future owner of the apartment orders its assessment.
8. Both parties to the transaction sign the purchase and sale agreement and register the transfer of ownership.
9. The buyer transfers the remaining amount.

Stages of registration of real estate sale by Sberbank:

1. The borrower receives the lender's approval for the sale of real estate and signs an agreement to sell the property.
2. After the assessment, the bank puts the apartment up for auction. During the sale, the price may be reduced without notice to the owner.
3. Two deposit boxes are opened, the first for the bank, the second for the seller.
4. Both parties enter into a purchase and sale agreement.
5. The bank sends documents to Rosreestr to remove the encumbrance and receives funds from the first cell.
6. After registering the transfer of ownership, the seller receives the remaining money.

The nuances of selling housing with encumbrances

The sale of real estate pledged by the bank is possible and officially permitted by law. However, in some cases the procedure has its own characteristics.

Under the “Military Mortgage” program

According to the military mortgage agreement, the apartment is pledged to the bank and the state. You can sell it if you pay off the debt in full, or after transferring rights along with debt obligations to a third party without removing the encumbrance.

Any citizen can become a buyer of an apartment.

Under the “Mortgage plus maternity capital” program

It is difficult to sell an apartment purchased with maternity capital funds. The difficulties are associated with some nuances:

• it is necessary to convince the guardianship and trusteeship authorities that the rights of children will not be infringed in the future, and obtain their consent;
• apartment owners can sell it only on the condition that they purchase a new one, use the money to build a house, or place the proceeds in a deposit for children;

Transaction procedure:

1. Obtaining the consent of the guardianship and trusteeship authorities and Sberbank.
2. Finding a buyer and concluding a purchase and sale agreement.
3. Receipt of a deposit in an amount equal to the balance of the loan debt.
4. Removing encumbrances from real estate.
5. Receiving the remaining funds from the buyer.

Important! It is impossible to challenge and circumvent the ban on the sale of an apartment by the trusteeship authorities.

If there are minors

In the event that one of the owners of the apartment is a citizen under 18 years of age, written consent of the guardianship and trusteeship authorities is required.

The authorized person must make sure that the child’s rights are not violated and that future living conditions comply with sanitary and technical standards. Service employees go to the address of the new and old apartments, conduct an assessment and draw up a report.

A transaction involving children is a risk for the buyer. In the future, in court, plaintiffs can prove that the rights of minors were violated.

Sale of apartments pledged to the bank

Apartments pledged by banks with a mortgage have become a common reality in our time. The procedure for the turnover of real estate that is pledged has its own differences, since such a transaction involves not two, but three entities - the bank, the seller and the buyer.

Who benefits from deals with mortgage apartments?

Housing space pledged to the bank is sold primarily due to the impossibility of making loan payments. In such a situation, selling the apartment may be the only way to save the money already paid.

The procedure for selling an encumbered apartment is complex and multi-step, so the seller reduces prices by about 20%. As a result, such a deal turns out to be beneficial for buyers who do not have enough funds to purchase housing free from restrictions.

Legally literate people are not deterred by the difficulties of purchasing such an apartment. But the low price attracts many.

Is it possible to sell an apartment that is pledged to the bank?

There is always a fundamental possibility of such a sale. The only problem is getting permission from the bank. Despite the variety of circumstances, the bank usually agrees to the sale of the encumbered property, subject to full repayment of the loan.

If the seller has permission from the lender to sell, then the buyer does not risk anything except the time that must be spent on removing the encumbrance. However, these inconveniences are compensated by the reduced price.

Sales procedure

Actions to sell a home can begin only after the bank gives its consent to the transaction. This is the main stage of the entire procedure for transferring living space from one person to another.

Bank notice

Initially, an application is submitted to the bank. It indicates the loan repayment scheme that suits the buyer and seller.

The universal scheme consists of the following actions:

• a purchase and sale agreement is concluded;
• the buyer contributes money to repay the loan;
• the bank issues a certificate of no debt;
• the borrower applies to Rosreestr to remove the encumbrance;
• the buyer transfers the remaining amount to the seller;
• Rosreestr prepares documents for the new owner of the apartment.

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According to paragraph 1 of Art. 25 Federal Law 102, upon notification of the bank, the encumbrance is removed within 3 working days. So the preliminary loan repayment procedure does not take much time.

In this whole scheme, the bank is only concerned about one part - repaying the loan. All other problems must be resolved by the parties to the transaction themselves.

After repaying the loan, the bank sends a notification to the registration service about the removal of the mortgage on the property. Now you can make the final payment and submit documents for the alienation of real estate in favor of the new owner.

How to find a buyer?

The search for a person who will decide to buy a cheap but problematic apartment is best entrusted to competent intermediaries. They will be able to explain to the client all the intricacies of an unusual transaction. It is best to negotiate with large real estate companies . It is easier to find a competent specialist there.

If you want to do without intermediaries, then it is better to immediately state in the advertisements the fact that the apartment is being sold at a reduced price due to the need to repay the loan. Such frankness will remove suspicion and allow you to work with people who are aware of the specificity of the situation.

List of documents for concluding a transaction and agreement

Documents for such transactions are divided into two parts - before the mortgage is repaid and after the encumbrance is removed. The first part of the transaction requires only money for the bank. For this reason, only a receipt for the transfer of money for certain purposes can be drawn up between two parties.

After the living space becomes free of collateral, both parties submit the usual package of documents to the registration authorities.

1. Identity cards in the form of: Russian passport, military ID, civil passport, birth certificate.
2. Agreements in triplicate, drawn up according to the model of Rosreestr.
3. Certificate of ownership of real estate.
4. Explication and plan from BTI.
5. Cadastral passport.
6. Extract from the house register.
7. Certificate of debts for utility bills.
8. Certificate about the presence or absence of people registered in the living space.

Sample contract for the sale and purchase of an apartment with a deposit

In accordance with Art. 460 of the Civil Code of the Russian Federation, the seller is obliged to transfer property under a purchase and sale agreement only if it is not encumbered by the rights of third parties.

Based on this provision of the law, the bank’s prior consent to the sale is not necessary, because the transaction can only be completed if the encumbrance on the property is removed.

According to an agreement between two persons, one of them can give money to repay the loan, and the other must use it for its intended purpose.

The legal problem in this case lies not in the bank’s consent itself, but in the agreement between two people to transfer part of the money to pay for the loan.

This money can be transferred on the basis of a pledge or a loan with the appropriate execution of documents (receipt). However, in this case, the apartment itself will be too cheap under the contract.

In this case, the situation looks like tax evasion.

The way out of the situation is simple - you need to conclude a purchase and sale agreement before repaying the loan according to the sample that is on the Rosreestr website. It indicates the entire price of the apartment. In the “Contract Price” paragraph, it is necessary to describe the payment procedure in two stages - first in terms of loan repayment, and then, after the encumbrance is removed, in terms of the final payment of the cost of the apartment.

Download a sample apartment purchase and sale agreement.

The clause “Essential terms of the agreement” indicates the existence and nature of the collateral. Here you should enter a line stating that the loan is repaid from the buyer’s funds. The seller undertakes to carry out the transaction after repayment of the loan.

Conditions for the sale of collateral real estate

The most advantageous moment for a bank that has provided financing for the purchase of an apartment is the full payment of the entire amount over the entire period stipulated by the agreement. In this case, the institution receives the maximum amount. Early repayment of the loan is less profitable, but acceptable; the money is returned to the bank in full and with interest.

The sale of an apartment is especially readily approved if the debtor has already demonstrated his inability to pay the loan. Increasing fines and commissions are a clear sign that the bank itself will have to seize and sell the apartment.

The most difficult thing is for a bank to agree to re-register loan obligations to another person, since the risk of another problem loan remains.

Schemes for the sale of mortgaged apartments

Since the formation of the collateral real estate market, the following schemes for the sale of apartments with a similar status have appeared.

1. Sales with the participation of the bank are carried out according to the same scheme of preliminary loan repayment, only in this case settlements are carried out through special letter of credit accounts. The buyer first places all the money provided for in the contract into two deposit boxes. One of them contains money that is intended to repay the loan. In the other - the remaining amount for the seller. Having this money as a guarantee of loan repayment, the bank sends the agreement for registration. After the apartment is re-registered to another owner, the bank and the seller take the money from the corresponding cells.
2. Repayment of the loan by the buyer in full. Only after this the encumbrance is removed, and the buyer becomes the owner of the property.
3. Sales with a change of mortgagor are also carried out through a bank, but a purchase and sale agreement is not concluded. Instead, the deposit is placed in the name of the buyer. The seller and the bank receive their money, after which the encumbrance is removed from the apartment, and Rosreestr accepts documents for re-registration of the owner.

Each of these schemes has its own advantages and disadvantages. However, any real estate transaction carries risks. With the right approach, they can be reduced to zero. In this case, each party receives its own benefit - the bank receives a repaid loan, the seller receives money and has no obligations to the bank, the buyer receives housing at a reduced price.

Attention! Due to recent changes in legislation, the information in this article may be out of date. However, each situation is individual.

To resolve your issue, fill out the following form or call the numbers listed on the website, and our lawyers will advise you for free!

How to register a deposit when buying an apartment and is it possible to sell such real estate?

The apartment may be pledged not only to the bank, but also to the seller. As a general rule, unless otherwise specified in the contract, a deposit is assumed in case of deferred payment. This tool must be used correctly to reduce risks when conducting a transaction.

A deposit is a way for a seller to reduce their risk in receiving payment. If the contract provides for a deferred or installment payment, the seller risks not receiving his money and at the same time being left without real estate. For example:

• payment for some time after state registration of ownership rights to the buyer;
• payment for a housing certificate;
• payment by letter of credit or escrow invoice.

A sample form of a purchase and sale agreement for a mortgaged apartment and a sample receipt.

Often, under such conditions, a mortgage is issued to the seller for the period from the moment of state registration until full payment of the apartment. In this case, the law insures the former owner of the property, because without such an encumbrance he would have had to go to court for years and extract payment from the unscrupulous buyer; now this is much easier to do.

How to impose an encumbrance?

The condition is considered agreed upon and the pledge arises when:

1. There is no mention of encumbrance in the underlying purchase and sale agreement. Then it arises by force of law.
2. The agreement expressly provides that a lien arises.

• If the transaction states that the pledge does not arise on the seller’s side, then it will not be registered upon registration.
• The condition must be written down in the main purchase and sale agreement as a separate clause; there is no need to draw up a separate agreement about this.
• The following language may be used to include in the agreement:

“From the moment of transfer of the apartment until full payment, the apartment is recognized as being pledged to the Seller to ensure the Buyer’s fulfillment of the payment obligation. The costs of state registration of the removal of the encumbrance with the right of pledge are borne in full by the Buyer.”

Registration of the encumbrance occurs automatically in Rosreestr upon state registration of the transfer of ownership. In the extract from the Unified State Register of Real Estate, in the encumbrances section, it will be indicated that the property is pledged to the seller.

How to properly formalize it in a preliminary contract?

When it comes to a preliminary purchase and sale agreement, in practice they most often mean a deposit. Pledge and earnest money are terms that denote interim measures aimed at increasing the guarantees of a transaction. In a preliminary agreement, this is the amount of the deposit that the buyer makes to ensure the seriousness of his intentions.

If the buyer decides in the future not to enter into a purchase and sale agreement, the deposit will not be returned to him. If the seller refuses to conclude the main purchase and sale agreement, then he returns the deposit amount to the buyer in double amount.

You can read about the guarantees and risks of the preliminary purchase and sale agreement by following the link.

The deposit condition in the preliminary agreement can be formulated as follows:

“Within three days from the date of conclusion of this preliminary purchase and sale agreement, the Buyer undertakes to transfer to the Seller funds in the amount of ______________ rubles as a deposit (Articles 380, 381 of the Civil Code of the Russian Federation) to ensure the conclusion of the main purchase and sale agreement and its execution and on account part of the payment for the cost of the apartment under the main purchase and sale agreement.”

The deposit under the preliminary agreement is not registered anywhere.

Is it possible to sell collateralized property?

The law establishes that a mortgaged apartment can be sold only with the consent of the mortgagee. That is, if you decide to sell the seller’s mortgaged home, you will have to first obtain his written consent to enter into a purchase and sale agreement.

Otherwise, the mortgagee will be able to declare the transaction invalid through the court and demand the return of the mortgaged apartment to you, and to your buyer the money paid.

In some cases, buyers actually acquire the mortgaged property and bear the burden of the mortgage, but usually this happens only among relatives or very close people.

Most often, a third-party buyer does not want to buy a mortgaged apartment, so it will have to be repaid. To do this you need :

1. Conclude a preliminary purchase and sale agreement with the new owner, according to which, in payment for housing, the buyer will transfer an amount sufficient to remove the encumbrance.
2. Then the encumbrance is removed, the record of the pledge is excluded from the Unified State Register of Real Estate, and a new extract with a “clean” apartment is issued.
3. After the encumbrance is removed, the main purchase and sale agreement is concluded, under which the property is registered in the name of the new buyer.

Selling collateralized real estate is a lengthy process, because it is necessary to resolve issues not only regarding the transaction with the new buyer, but also regarding the removal of collateral. Be patient and be sure to warn the new buyer about the deposit, otherwise he will have the right to claim damages from you.

You can read about what to do if the purchase and sale agreement has been lost here.

How to remove?

To remove an encumbrance, you first need to fulfill the obligation to secure which this encumbrance arose. Simply put, you need to pay for the apartment in full and pay off possible debts in the form of penalties and fines, if they were provided for in the contract.

To exclude a record of a pledge from the Unified State Register:

1. Contact the Rosreestr or MFC office in person to submit an application. The application is submitted jointly by the seller and the buyer (in some regions Rosreestr allows one seller to submit the application - check this point with your department).
2. Take with you a package of documents - passports, an apartment purchase and sale agreement, an extract for the apartment, which was issued after registration of ownership. A document confirming payment for the apartment (receipt, bank statement) will also be useful.
3. A specialist from the MFC or Rosreestr fills out an application for the removal of the encumbrance, which must be checked and signed.
4. The application along with the documents is sent to the encumbrances department of Rosreestr.

The procedure for removing the encumbrance takes approximately three business days. Based on the results of registration, the buyer will receive a statement with no information about encumbrances.

1. A deposit is a working way to ensure that the buyer pays for the apartment on time. Include a collateral clause in the contract to reduce the risks of the transaction.
2. Include a deposit clause in the preliminary contract to ensure the conclusion of the main transaction.
3. If you have to look for a buyer for a mortgaged apartment, be prepared to lose part of its market value - prices for mortgaged apartments are traditionally lower than prices for vacant housing.
4. Do not delay in removing the encumbrance. Submit your application immediately after paying for the apartment in full.

Is it possible to sell real estate as collateral from a bank?

There are several ways to do this, but all your actions must be previously agreed upon with the bank.

Standard option for selling collateral real estate

Borrowers are pushed to sell collateralized housing for various reasons. So, for example, having lost a job or going on maternity leave, a borrower may become insolvent, someone needs to move to another city and change their place of residence, or they urgently need a large sum of money.

Whatever the reason, you must first contact the bank that is your lender

Depending on the specific situation, the bank may not always agree to your request. The bank's reaction largely depends on the conditions specified in the loan agreement. But in most cases, if the borrower commits to early repayment of the loan in full, then the likelihood of the bank agreeing to sell the collateral will increase significantly.

This happens as follows:

Determining the market value of a collateral apartment, followed by putting the property up for sale and finding a buyer for it. When a buyer is found, a purchase and sale transaction is drawn up in such a way that the total cost of the apartment is subsequently divided by the buyer into two parts - the amount of the credit debt of the seller-borrower and the remainder of the cost of the apartment.

Each of these parts, from the total cost of housing, is distributed into the appropriate bank cells, one of which belongs to the bank, and the second to the seller.

After the creditor receives his part of the completed transaction, he will submit to the registration chamber the necessary documents on the removal of the encumbrance from the apartment and forms for registering the relevant transaction.

Both transactions are concluded in parallel with each other.

Sale of a mortgaged apartment with a change of borrower

There is another option. If the buyer found does not have the required amount of funds to purchase a home, then in this case it is possible to sell the collateral with a change in the rights of the borrower.

The buyer pays the seller only the difference between the total cost of the apartment and the amount of the outstanding bank loan, the remainder of which is subsequently paid to the bank, taking over the rights of the borrower.

Although such cases occur quite often, banks do not always welcome such transactions.

1. Firstly, he has to wait quite a long time for the re-registration of ownership documents after the housing has been released from collateral, and this process can take one or two months.
2. Secondly, the amount of the down payment is usually several times larger than when purchasing a regular, non-mortgage home.

Sale of a mortgaged apartment by a bank

If the situation has reached the point where the borrower cannot find a buyer for the collateral property and is unable to make timely loan payments, then, based on a preliminary court decision, the housing will be sold by the bank at auction.

In addition, in order for the bank to be able to legally seize the borrower’s property, two conditions must be met: The total amount of the debt must be at least 5% of the cost of the housing specified in the loan agreement when it was issued.

The period of arrears for monthly payments must be at least three months.

At the same time, depending on the terms of the loan agreement, the borrower may request a deferment of debt payments for up to one year due to family or difficult financial circumstances.

If the apartment is put up for auction, at least two buyers must be present to complete the sale. This is a rather complex and time-consuming process for a bank and, as a rule, such situations happen quite rarely.

Sale of collateral real estate after early repayment of the loan

If the borrower has already paid off most of the debt on the mortgage, then credit organizations recommend studying the principle of selling collateral real estate after early repayment of the loan.

Thus, if the bank issued a mortgage to the borrower in the amount of one million rubles, and at this moment the borrower still owes 200 thousand rubles, then the debtor, having received this money, can pay off the debt ahead of schedule.

After which the lender will immediately remove the encumbrance from the property. And the borrower himself will thus be able to sell the apartment without unnecessary difficulties and get his money back.

If the borrower has established himself as a committed and solvent client with a positive credit history, then refusal is unlikely to follow, and the mortgage loan can be repaid immediately after the sale of the property.

The second way is to agree with the home buyer on a deposit in the amount of the remaining amount to repay the loan. In this situation, there is a certain risk for the buyer, but in return the seller can reduce the cost of the apartment.

Sale of collateral housing in order to change living conditions

Change in living conditions for the better

Also in banking practice, there are cases when a borrower who has been paying off a mortgage for quite some time decides to sell the collateral property due to the need for larger housing. In other words, in order to improve their living conditions.

This situation is quite common for creditors and they often satisfy such a client’s request by agreeing to the sale of collateralized real estate according to the schemes described above.

At the same time, the proceeds from the sale of the apartment go to pay off the current debt, and part of the funds that remain are spent on the down payment when purchasing more comfortable housing, but under a different loan agreement.

Change in living conditions to a lesser extent

It also happens that a borrower, without calculating his strengths and resources, takes out a mortgage for housing that is extremely difficult for him to pay for, and as a result, there is a desire to exchange it for a more modest apartment.

This option of selling collateralized real estate is also possible, but unlike the previous option, it is less welcomed by banks and is carried out with the obligatory consent of the lender under his strict supervision.

Selling mortgaged housing is illegal

Finally, it is worth mentioning the illegal sale of collateral real estate.

The nuance is that most credit institutions, when concluding an agreement with a borrower, include clauses in the agreement according to which the collateral property cannot be transferred into the ownership of third parties, with only one exception - the universal acceptance of rights upon receipt of an inheritance.

If this condition is violated, not only does the transaction for the sale of collateralized housing become invalid, but there is also a high probability that the bank will demand early repayment of the loan in full, regardless of who currently owns the property.

Is it possible to sell an apartment that is pledged to the bank?

Recently, cases have become increasingly common when borrowers sell real estate that is pledged to the lender. Most often this is due to unforeseen circumstances that require large expenses.

Typically, people planning to sell collateralized property have two main questions: is it possible to legally sell such real estate? And if so, what methods are there? Let us immediately note that it is possible to sell collateralized property, and on completely legal grounds.

We'll look at four main options.

Traditional option

There are many reasons why borrowers decide to sell a collateralized apartment or house. But in any case, the first step is to inform the lender about your plans.

Of course, each bank can treat this differently, but most credit institutions meet borrowers halfway and give their consent to the sale of collateral, but with one condition - the loan must be repaid ahead of schedule.

The traditional option for selling collateral is the following scheme: an independent appraiser determines the value of the property, then it is put up for sale at this price and the search for a buyer begins (either by the borrower himself or with the help of the bank).

When the buyer is located, during the execution of the relevant transaction, he divides the total cost of the purchased property into two parts, one of which is the amount of the remaining loan debt of the borrower. It is this part that he transfers to the account of the credit institution, and the second directly to the account of the seller, that is, the borrower. After receiving all the funds, the lender removes the encumbrance from the collateral property, and then the purchase and sale agreement is signed.

Sales with a change of borrower

This option is used in cases where the home buyer himself does not have the necessary amount of funds to purchase it. In such a situation, purchase is possible only by replacing the borrower.

The future owner of the property gives the seller only a certain amount, which is the difference between the full cost of the apartment or house and the amount of the loan debt. The loan is repaid by the new borrower in the form of a new mortgage loan.

In addition, if a new borrower plans to get a loan from some other credit institution, then the mortgage holder may not agree to sell the property at all.

Sale after early mortgage payment

This method is for those who have already repaid a significant part of the loan at the time of sale.

If, for example, a mortgage was received in the amount of 2 million rubles, and the balance is about 300-500 thousand, then the borrower can repay the loan early and sell the property as a full-fledged owner.

To pay off the remaining borrowed funds, you can take out a loan from another bank, or borrow money from relatives. Of course, this is an additional financial burden, but by selling the home, the borrower can immediately pay off all debts.

Sale to change living conditions

Nowadays, there are often situations when a borrower paying a mortgage wants to sell the mortgaged apartment in order to purchase a larger property, that is, to change the so-called living conditions.

Moreover, credit institutions usually agree to carry out this process, which, by the way, is implemented according to the classical scheme indicated in the first option.

But the only difference is that the amount remaining from the full price of the property is used as a down payment on a new mortgage loan.

Read more about how to profitably sell an apartment.