Find out with us what a mortgage inspection is, why it’s important in a real estate sale, and how it can be obtained.
Have you decided to purchase a splendid property in the countryside or to sell your villa by the sea, and do you want to ensure the success of the sale?
It will be essential to ascertain that the property in question is in order and does not present bureaucratic or legal problems of any kind.
One of the documents that allow you to check the status of a property is the mortgage inspection.
The Italian legal systems establishes that all actions carried out on properties, such as the sale, must also be brought to the attention of third parties, i.e. parties other than the seller and buyer. In this way, the latter will also be able to respect the effectiveness of the agreement stipulated between the parties.
All deeds and writings relating to real estate assets present in a specific territory are kept at the Land Registry or Real Estate Advertising Office, as well as other documentation relating to anything that may burden people or properties. Furthermore, it is at this office that all legal transactions carried out on real estate are transcribed and the real estate and mortgage registers are kept.
Its purpose is to make public, i.e. also knowable to third parties, deeds concerning real estate such as land and homes.
The mortgage inspection is the tool that allows you to become aware of all documents, data and information.
WHAT IS MEANT BY MORTGAGE INSPECTION
The mortgage inspection is a document that allows you to establish whether a specific legal entity, natural or legal person, is the owner of an ownership right on a property. In particular, the search also checks whether the property is burdened by constraints that affect its circulation, such as the presence of mortgages.
This is a series of checks that are of decisive importance when you decide to buy or sell a property.
By accessing the Registrar’s database, it is possible to carry out a mortgage inspection and obtain a document containing the data present in the real estate registers, from which to deduce the real estate properties of a person (natural or legal person), as well as any adverse effects affecting each of them.
WHAT IS A MORTGAGE INSPECTION FOR?
The mortgage inspection is able to provide a complete picture of the actual legal status of a property, which is essential for the sale to be successful.
Through the inspection you will be able to trace its original owner, as well as verify whether or not that property has any adverse effects (such as mortgages deriving from a mortgage or injunction and foreclosures). Furthermore, at the Registrar’s Office, all transfers of ownership of a property are recorded.
Consequently, to verify who owns a property, the regularity of ownership transfers, or the presence of mortgages or foreclosures on the real estate property, it will be essential to access the Registry’s database and carry out a mortgage search.
In the absence of such checks, in fact, even a successful negotiation can be slowed down or even blocked completely. To save time and protect the buyer’s investment, but also to protect the seller and facilitate the buying and selling process, it is essential to know the mortgage inspection and ensure its correct availability.
CONTENTS OF THE MORTGAGE INSPECTION
The mortgage certificate contains a list of all the deeds transcribed and registered in the archives of a specific Real Estate Registry relating to a property (building or land) or to a person (natural or legal). These can be:
- of a voluntary nature, for example sales, taking out mortgages, mortgages (perhaps requested for taking out mortgages or financing) and cancellation of mortgages;
- of a prejudicial nature, for example foreclosures, judicial mortgages (i.e. injunctions) and summonses (acts that dispute the ownership of a property or require the conclusion of a preliminary contract).
As a rule, the mortgage certificate contains a list of formalities (also called real estate notes or transcriptions), which represent the transcriptions of a deed relating to the property under consideration, carried out at the Real Estate Registries.
The notes or formalities are divided into three types:
- transcription note: refers to all deeds by which the real rights of a specific property, building or land pass from one person to another such as sales, donations, inheritances and foreclosures.
- registration note: refers to the deeds by which a specific property, building or land is placed as a guarantee in favor of certain parties, such as in loans and mortgages.
- annotation note: these are. notes that refer to transcriptions or registrations already submitted, such as in mortgage cancellations.
Thanks to the transcriptions present in the list of formalities, through the mortgage search it is also possible to know the type of deed of origin, i.e. whether the property derives from a sale, a donation, inheritance or another type of deed. By accessing the registry via a mortgage inspection you will also be able to view the actual deed.
Furthermore, the mortgage inspection provides other very important information:
for example, in the event that multiple heirs are owners of the same property, the title search will also indicate the individual ownership shares of each, the municipality to which the property belongs and the cadastral description of the property.
Finally, if you have decided to purchase the property of your dreams, through the title search you will be able to find out the actual assets of the seller.
This is extremely valuable information, especially in the event that the selling party of the home you intend to purchase is indebted to a third party. A mortgage on the property, in fact, could make the sale inadmissible.
HOW TO OBTAIN A MORTGAGE INSPECTION
The mortgage inspection can be done:
- by subject
In this way it will be possible to know all the deeds stipulated (and related encumbrances) by a specific person, natural or legal. It will be necessary to be aware of the name, surname, date, province and municpality of birth of the person whose properties we are talking about, or simply their tax code (company name, province, municipality and tax code if a legal person).
- By property
In this case it is necessary to have information on the municipality, land register or urban register, urban section if present, map sheet, parcel.
- By mortgage note
This method may be requested to acquire more details on a specific deed registered at the relevant land registry office. In this case, it is necessary to know the details reported in the summary list (number of formalities and year). - Cross subject/property search
in order to identify and possibly view the notes of interest.
HOW TO REQUEST A MORTGAGE INSPECTION
By reflecting on the many pieces of information we have suggested so far, you will understand how important it is to have a mortgage inspection, whether you intend to purchase a prestigious property or whether you want to sell yours. How to obtain it?
In concrete terms, this can be requested in three main ways:
- at the local Real Estate Advertising offices, where the appropriate application forms are available;
- on some specialized websites, following the required procedures;
- through a real estate agency, if you turn to a mediator for your sale.
In this regard, we remind you that, for the properties offered for sale, the Great Estate group requires the preparation of a preventive Due Diligence through which all the checks on the property are carried out (urban planning, land registry and fiscal status) essential to identify and resolve any problems, and thus ensure the success of the sale.
A fundamental part of this document are also the land registry documents (with relative copy of the title or origin and any subsequent financing or restrictions).
In Great Estate you can refer to an internal professional specifically dedicated to the production of land registry documents, consultant Carla Caselli.
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The public content of this website is for informational purposes only and cannot be considered exhaustive, nor provide legal or other professional advice, nor is it intended for commercial or customer relationship or transaction purposes.
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