Ownership of housing mortgage

Housing, acquired using mortgage, immediately cleared property borrower. This is a serious advantage mortgage compared with other options for addressing housing problems, in particular housing-accumulating cooperative (WNC), where housing is owned cooperative until its full redemption.

In the case mortgage ownership belongs to the borrower mortgage, and he is absolutely protected from unreliable organization, which took the loan. It should be careful when arranging to meet on the market since psevdoipotechnymi schemes, when a transfer of ownership of housing to qualified purchaser at any time other than the date of registration of transactions to acquire housing.

Ownership housing owned by the borrower mortgage, but it is limited pledge of the housing contract, which operated until full repayment. This limitation means that the organization must obtain permission creditor on the sale or exchange of housing, letting him rent, for the implementation of redevelopment, and sometimes for registration (propiska) in the apartment of any person other than the owner.

Finally, if mortgage is to buy housing in house construction, the ownership of housing can be executed only after the end of construction — such norms of our legislation. That is why interest rates on mortgage lending for housing construction are typically higher rates on housing in the secondary market.

Tags: borrower, lending, home mortgage, housing, ownership, limitations

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