The procedures for acquiring real estate are complex. Once the house or apartment is found, the finalization of the financing of a real estate project is done in several phases. Details and explanations of the different stages of a mortgage.
Sign the sales agreement
When you have finally found the property that meets your expectations, whether for a new apartment in Toulouse or for an old house in Antibes, you sign a sales agreement. By this act, seller and buyer agree to conclude the sale of the property in question within a predetermined period. This deadline is fixed in the suspensive clause which you will then have agreed with the seller. It is usually 45 days. This period of time is given to you so that you can obtain the financing you will need to make the purchase. If you have not received a favorable response from the bank, the sales agreement will be canceled.
Find bank financing
To do this, compare the offers of several banking establishments. You need to find the bank that offers the most advantageous rates. If you do not have the time to do this research personally. He will take care of this step for you. He will be remunerated by the bank itself, but it is not uncommon for it to still charge you money order fees.
Mount the file
Once you have chosen the establishment where you will take your mortgage, you will prepare the file that you will send. This file will include proof of income, savings capacity, proof of your professional stability, etc.
Have the agreement of the bank
The correctly assembled file is returned to the bank. It will carry out the related financial analyzes and decides. If your file suits her, she will give her agreement in principle.
Open an account in the chosen bank
It is customary for the bank, which accepts to give you credit, to request that you open an account with it so that you can place your income there. It is the direct debit of income.
Receive the official loan offer
The official loan offer is the legal and mandatory document that will seal the bank’s acceptance of financing. It will mention the identity of the parties, the amount and purpose of the loan, the rate and other necessary information.
Upon receipt of this loan offer, you will have a minimum reflection period of 10 days to decide whether to accept or refuse the proposal.
Accept the loan offer
Your decision is made, you accept the loan offer. You then sign it and return it to the bank before the expiry of the time limit to inform it of your decision.
Signing of the bill of sale
The official deed of sale will be signed by both parties, the seller and the buyer in the presence of a notary. Upon signing, you formalize the sale and thus become the new owner of the property. The title deed will be given to you later by the notary.
Pay off the bank loan
You will start to pay your first monthly mortgage loan to the bank one month after signing the deed of sale.