rights and obligations
Tuesday, August 12, 2008
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When we open a mortgage (for a home or other property) we are required to confer rights and certain obligations.
Rights
The customer is entitled, although not to formalize the mortgage, to receive a prospectus and guidance to economic conditions in which the mortgage and other expenses related to recruitment, appraisal, notary, etc.
The individual has the right to consult the Central Risk Information Bank of Spain (CIR) in relation to the entity with which the mortgage plan. The bank can do the same if reported prior to the customer.
Likewise, the client has the right to choose by mutual agreement with the bank the person or entity that performed the valuation, and which is responsible for conducting administrative operations. You can also arrange the insurance to cover risks that the bank requires.
The customer is entitled to know who they are and how much to charge those responsible for carrying out the various services related to the execution of the mortgage and the rationale behind them.
Delivery of a copy of the appraisal when the customer pays.
Once the assessment has been made of the property and its location estudidada today's economy, the bank made a binding offer to the customer, with a validity of at least 10 days. If the bank rejects the transaction, notify the customer.
The customer is entitled to consult the writing project loan in the notary, at least three days before signing. If you find any inconsistencies with respect to the binding offer notary to be informal report to the lender.
Notary give the client a copy of the notarial deed, paying this amount.
Finally, the client will receive the settlement documents and proof of payment of the mortgage.
Obligations
The client must truthfully report their current economic situation to the financial institution requesting the loan, so that it can analyze the level of risk of the operation. Also, if agreed, should be told if there is any change in address, marital status and other financial or personal circumstances.
The customer should have a supply of funds to cover preparatory costs of the mortgage contract.
In most cases you will need to hire further damage insurance on the property.
The customer must pay the mortgage agreed and the relevant committees.
It is desirable that the individual keep a copy of the script and documentation of the assessments made.
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