How To Buy A Mortgage Apartment And Not Lose Money?

Close-up shot of a healthy green plant with water droplets on the leaves.

Как Купить Ипотечную Квартиру И Не Потерять Деньги?

Today, there are more and more mortgage apartments on the real estate market, which are secured by banks. Often, potential buyers of these square meters do not want to shift the burden of the loan and prefer transactions with full payment. This is a possible and quite legal option, but there are “pitfalls” here too. How to get around them? Anton Makarov, Deputy Chairman of the Methodological Commission of the Moscow City Notary Chamber, notary of Moscow.

— If the seller does not have enough own funds for early repayment of the loan, for example, the format of a preliminary agreement can be used. A person who is ready to buy an apartment gives the owner a deposit. And he directs the money to repay the debt. After that, the encumbrance on the property is removed, and the main transaction can be concluded. But you just need to approach this issue very carefully. Indeed, in this case, the buyer transfers a large amount of money to the seller even before signing the main contract and registering their rights with the Federal Register. For maximum security, it is best to contact a notary public. 

The notary will check all documents and legally significant facts. Make sure that there are no other encumbrances on the property, in addition to collateral, that the rights of third parties, for example, the spouse, minor children of the seller or co-owners, are not violated. It will check whether the owner’s right to dispose of the property is not limited, for example, due to the status of a bankrupt. 

The notary will also make sure that all the important details are taken into account in the preliminary agreement: which obligations the seller undertakes, which the buyer undertakes. You can specify step by step exactly how the seller receives the deposit, how he submits an application to the bank for repayment of the loan, and so on. 

It is worth considering various scenarios, including fines, if the seller takes a deposit, closes the mortgage, and eventually refuses to sell the apartment. Such a risk cannot be ruled out. And here, in addition to the penalties prescribed in the document, the notarial form of the contract itself can help. Any notarial act has an increased evidentiary value. There are cases when the notary’s seal on the contract helped the failed buyer to achieve the fulfillment of agreements with the seller in court.

What is important is that the notary talks with the parties to the transaction, explains all the details and consequences, checks that people are not misled and clearly understand what they are doing.


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