Mortgage. A few simple words about a complex phenomenon

 

What is a mortgage? "This is what helps you easily buy an apartment in the Moscow region or a house in Ryazan," some will answer. "It's a heavy burden," others will say. "This is a pledge of real estate," the law will clarify.

In fact, contrary to popular misconception, a mortgage is not a loan or even a loan. This is a measure taken to ensure certain types of obligations (which we will discuss later). This is a contract that is concluded separately from the main one. It is subject to mandatory state registration (art. 10 of the Federal Law of 07/16/1998 N 102-FZ). Without it, the transaction is considered void. As for the notarization of the mortgage agreement, it is not necessary today. However, the parties may well agree to visit a notary (many banks insist on this).

Thanks to a well-developed banking lending program, almost any real estate is available to our compatriots today, be it economy-class townhouses or an elite apartment in a high-rise building. Most often, a mortgage agreement is concluded to secure a loan. However, other options are possible. According to current legislation, a mortgage can be established as a security measure under a loan agreement or other obligations based on purchase and sale, lease, contract, etc.

What are the advantages of a mortgage? The fact is that this transaction is a guarantee that the creditor will eventually receive what is due to him under the main agreement. Moreover, if we are talking about a loan agreement, then not only the principal debt is satisfied at the expense of the mortgage item, but also the interest for using the loan. In addition, unless the parties to the transaction agree otherwise, the mortgage also provides for other obligations, whether it is compensation for losses and (or) penalties, interest collection for using other people's money, reimbursement of court costs, as well as reimbursement of expenses incurred during the sale of mortgaged real estate.

Today, the bank's borrowed funds are almost the main source of financing for many large construction projects. It is the tandem of the developer and the credit institution that makes it possible to build excellent economy-class cottage settlements, elite apartment buildings and other similar facilities.

Ordinary citizens also use mortgage loans. Such transactions are distinguished by their long-term nature. In any case, if we are talking about a mortgage, it should be understood that the owner of the mortgaged property has the right to use and own it, but cannot independently dispose of it. At least until he pays off his debts. But if he does not do this in a timely manner, then the property can be sold, and at the expense of the funds received from the sale, the creditor satisfies his requirements. sexkieva.com