Selling of flat which was bought in a credit

Theoretically it is possible to sell property which was bought in a credit. If flat became expensive in two times then you can not only pay off a depth but also earn some money. However, without bank agreement it is impossible. That is why lowers suggest avoiding it. So, you should find a buyer; take money from him on receipt and from this sum of money pay ahead of schedule, after this form the selling of the property officially.

From the law point of view, two ways are legally: take money on receipt for credit payment ahead of schedule or make a deal straight through the bank.

The main question which could occur while purchase and selling the property on security of is the question of subtraction which set a veto on. Bank could ask the client that deal was made on its territory. Sides agreed about purchase and selling, sign preliminary contract, goes the calculation of money. Part of money which is debt of the client goes directly in pay office. Dept is satisfied, bank gives a letter about take of the prohibition, and notary (the same who verify the deal) takes of the prohibition and flat goes to the buyer.

With such kind of deals there is an opportunity of preschedule pay off the credit. Control from the banks’ side depends on what kind of credit contract it has with the client where it is written the conditions of preschedule pay off. One banks do not have penalty for preschedule paying off, other could have that is why you should be very attentive while reading the contract. For example, there will not be penalty but there is a condition that you should inform bank for 10, 20, 40 days and so on.

Bankers and experts handle differently laws as for have the financial establishment asks for preschedule paying off penalty from the client. According to the law about right of customer, it does not depend on existing part in the contract, borrower has a right to pay off the credit when he needs it and do it absolutely free of charge. Usually penalty is 1-3% from the credit sum; you may not pay it and in case go to the court. Any court will find that rights of the customer broke.

Whether the penalty is written in the contract or not but all norms, which are written in the contract but against the law are invalid. However, how it was admitted in one of the biggest banks, the law about protection of the rights of the customers it does not foresee the free paying off the credit, it only proclaim this opportunity. According to this in contract between bank and customer includes the regulation about commission while preschedule paying off the credit on the property buying. Breaking this part by the client, according to the legislation, bank could appeal to the court. And then till the end of the judgment proceeding financial establishment has aright to withhold the property in mortgage. It means that if you refused to pay penalty for preschedual paying off, the flat is in bank property.