What is a mortgage?
This process is done when a person or financial entity is loaned a sum of money, and this ensures the payment by placing the property or asset as a guarantee. Mortgages are always done via a public deed.
- National ID cards of the debtor and creditor.
- If one of the parties is a legal person, it is necessary to have a certificate of existence and legal representation.
- Copy of the public deed.
- A letter that approves the credit, if the creditor is a financial entity.
- Certificates of good standing for property valuation and taxes.
- Certificate of tradition and freedom and a copy of a public deed that demonstrates that the person with the mortgage is the property owner.
- This may be constituted via a power of attorney (consult with the notary).
Frequently Asked Questions
What types of mortgages are there?
There are two types of mortgages: A closed one, which guarantees the payment of a specific debt with invariable conditions and there is also an open one, which covers various debts and its value can change.