FINANCIERS' REQUIREMENTS WHEN SELLING YOUR BRISBANE INVESTMENT PROPERTY OR REAL ESTATE PROPERTY
When you are intending to sell your Brisbane investment property or real estate property and you have a mortgage, it is important to ensure that you know what your financier's requirements are for settlement to occur on time.
Depending on who your financier is, they or their solicitor will prepare the required release documents, forward them to you for signature and return and may expect that all this be finalised up to 14 days prior to settlement. Some financiers require a month's notice of settlement.
We recommend you investigate what your financier's particular requirements are in relation to releasing your mortgage before you list your property for sale, so that there are no surprises leading up to settlement.
If you know that you have paid out your mortgage, also ensure that your financier has prepared a Release of Mortgage and that it has been registered at the Titles Office.
We have had cases where a client has been under the impression that once their loan is paid off, their financier will automatically release the mortgage over the property. This is often not the case.
We recommend that when your mortgage has been paid off, and before you list your property for sale, you obtain the Release of Mortgage document from your financier and lodge it at the Titles Office with the nominated fee.
This will ensure that your property is fully unencumbered prior to the settlement being effected, as delays which may occur if a mortgage has not been released could result in expense for you, the Seller.
Please feel free to contact us for any Brisbane Conveyancing service that you may require in and around Brisbane, Queensland.
Alternatively, please call us on (07) 3345 4388 to clarify any queries you may have in regards to our services.
Hatzis Lawyers are a dynamic firm of Brisbane lawyers and solicitors contributing their might to the smart state of Queensland.