By signing the promissory note as collateral for the mortgage loan, you are responsible for canceling a debt according to the agreed terms and conditions. It is a written promise as collateral for the creditor, who can make it effective in case of default.
The creditor will deliver a copy of it to the debtor, so that it can be kept until the total amount of the loan has been paid. When this happens, it is most appropriate to request cancellation in writing, this being an important and almost final step. Since, it would remain to carry out the lifting of the mortgage. What is discussed later.
Composition of the promissory note as loan guarantee
A mortgage payment consists of the heading, clauses and signatory party as debtor (s):
– The heading consists of: No. of promissory notes, grantors, debtors, subscription date, mortgage loan amount, term, interest rate, city, destination of the loan, No. of installments, installment value, installment payment date, repayment system and place of creation of the promissory note.
– Clauses may also derive the appointment of some paragraphs or statements. That is, according to the creditor’s policies or those dictated by law.
– At the end of the payment, the signatures of the debtor (s) are registered with full names and ID numbers.
Cancel mortgage after repayment as loan guarantee
It is thought that having canceled all mortgage loan installments, everything is done! But no. There is another step.
The lifting of the mortgage is important, although not mandatory. If the mortgage registration is not done, it will automatically issue at 20 years. On the contrary, when you do it, the property is free and you can mortgage again or sell.
The procedures for the lifting of the mortgage are usually done by the mortgage debtor.
– Before a notary must take the minute issued by the creditor of the debt.
– Cancel the notarial rights according to the rates decreed
-The notary sends the instrument for signature of the legal representative of the creditor.
-After 30 days the notary gives the interested party a copy of the deed. Which contains the cancellation of the debt and the certificates to take to the registry office of public instruments.
-Finally, there is a period of 60 days to register the property and thus be able to request a new certificate of tradition and freedom.
Always keep in mind that performing all these steps is important. It is a real estate that represents the heritage of a lifetime.