How to sell a flat with a mortgage? Part 1

If we want to sell a flat with a mortgage, we have to expect certain difficulties, or at least a greater number of formalities. However, it is not impossible. After all, you are the owner and have the right to do what you like with your property. But before you decide to sell, find out what you must do for the transaction to succeed and bring you a profit.

When you buy a flat with a mortgage, the bank is entered in the land and mortgage register (księga wieczysta). This does not change the fact that you remain the owner of the property, so you can sell it at any time. Before you do so, however, you must inform the bank of your intentions.

Stages of selling a flat with a mortgage

The first stage, as in any sale, is to place an advert on a suitable portal or to start working with an estate agency that will support you in finding a buyer. It is best to state the legal status of the flat in the advert itself. This way you will avoid disappointing potential buyers and save yourself time on meetings with people who only want to buy a property free of any mortgage.

The next step is to inform your bank that you want to sell the property. Do this once you have found a buyer. The bank will then issue you a certificate stating how much of the loan still remains to be repaid. The document must also include the following information: the borrower's details, the date the loan was granted, the amount of financing, the current balance, the technical account number, the early repayment fee and a declaration that the bank will issue the documents allowing the security to be released. Thanks to this data you will be able to set a price for the flat that satisfies you.

It is important to check what fee the bank charges for early repayment of the loan. Do not forget the "promesa" either – the bank's promise that, after receiving the buyer's transfer, it will agree to delete its entry from the land and mortgage register. This will clarify the legal situation of the property. Remember that the promesa is valid for 30 days from the date of issue. It is worth using this time to draw up a preliminary agreement (umowa przedwstępna) with the buyer. You do not need a visit to the notary for this; you can prepare it yourself.

Most of the procedure of selling the flat is now behind us. All that remains is completing the transaction, which may be more or less complicated depending on whether the buyer also needs a loan for the purchase or is able to pay the whole amount up front. We will present these matters in detail in the second part of the article.