The Internet has changed many things in everyday life, for example because they can be done faster. However, this does not apply to every area, and certain things still require time, which, among other things, applies to the payment of real estate loans. Builders or buyers who finish their financings only at the last minute, could thereby get into subconscious trouble.
Loan search has been accelerated
Granted, the search for low-interest loans was largely agreed. A short request is enough for our independent consultants to seek and compare several hundred financing offers from different banks to work out the optimal financing solution. At the same time, the direct banks have become extremely fast, financing will be approved within a few days.
With the payoff, however, it behaves differently, which has good reasons. Before a promised loan can be disbursed, the so-called payment conditions must first be met.
collateralization of the loan
This is a collection of various requirements, which are primarily concerned with the collateralization of the loan. For example, many banks are again requesting a current payroll.
Even more important is the preparation of the land register: it must be made a registration of the land charge and an enforceable copy of the land charge deed created – first if the latter is present, the bank will pay off the loan amount.
The land registry takes time
Notaries and land registries are involved in this process – there is no way around them in this case. However, there are more delays at the land registries, and it may take four to eight weeks before the necessary documents are available.
If you would like to know more about this, it is best to get in touch directly with the competent land registry office, because the processing times can vary greatly depending on the region.
Given such potential delays, prospective homeowners should not wait too long to prepare their funding. If you do it anyway, you may not be able to pay the real estate price agreed in the purchase contract on time, so that penalties may arise.
It is therefore better to go in time for the loan search and then to take care of the fulfillment of the payment requirements.