Signing the mortgage before the notary is the final step that leads us to conclude the process of buying and selling the property. However, before reaching this moment, we must go through various stages that, depending on the case, may take more or less time. Although there is no specific deadline established by law, we can get an idea of how much time we will need from the moment we apply for the credit until we sign it before the notary. Keep reading, and we will tell you all the key details about it.
What function does the notary fulfill in a mortgage?
The role of the notary is essential during the process of granting a mortgage. Their job is to explain the contract in detail to the bank's client who is going to sign the mortgage, ensuring that they fully understand the operation and its implications. Additionally, they also address any concerns that may arise and provide guidance throughout the process.
In reality, the notary plays a crucial role when applying for a mortgage because they act as an impartial third party. Unlike the bank, the notary has no personal interest in the mortgage being executed, making them the right person to clarify any doubts or concerns related to the contract.
Furthermore, the notary has the authority granted by law to give notarial validity to the document. This means that they are responsible for granting full legal validity to the contract to be signed by both the banking institution and the client.
How long does the mortgage process take?
A question that is frequently asked is how long it takes to sign a mortgage at the notary. In reality, this process is usually quite fast. However, it is important to consider that it comes after completing other previous steps.
The time required to sign a mortgage is not set by law. Therefore, we can find cases where the entire process is completed in just 15 days, while in other instances, it may take up to 3 months.
Nevertheless, in most cases, the process is completed in about a month.
What factors influence the time it takes to sign the mortgage?
The duration of the mortgage signing process depends on several factors. Firstly, the specific conditions of both the bank and the client must be considered. These elements can either speed up or slow down the process depending on their individual situation.
Additionally, it is relevant to take into account that the process of signing a mortgage goes through several stages before its conclusion:
- Selecting the bank and the mortgage: The initial stage involves choosing the specific bank and mortgage that interests us. To expedite this process and gain a broad view of the mortgage market, it is recommended to use a mortgage comparator to find the loan that best suits our needs and preferences.
- Viability assessment: This is the analysis carried out by the bank of the client applying for the mortgage. In this process, it is determined whether the client's banking profile is suitable or not to grant the requested loan.
- Property valuation: The valuation of the property is a crucial part of the process, as it will determine the amount of money that the bank is willing to lend in the mortgage. Generally, this amount does not exceed 80% of the total price of the property.
- Notary visit: This is the first meeting that we must have with the notary. It takes place at least 10 days before the loan's signature.
- Mortgage loan signing: All the previous steps culminate in the signing of the mortgage loan and the purchase of the house. That is, the day of the signature at the notary is also when the public deed of the property is handed over.
The time needed to sign the mortgage at the notary will vary depending on the efficiency of each of these steps.
How many times do you need to visit the notary to sign the mortgage?
- First visit: It is free and informative. This visit should be made at least 10 days before the mortgage's signature. During this visit, we will bring the contract provided by the bank to the notary so that they can explain it to us and resolve any doubts. If we agree with the terms, the notary will draw up a notarial record, which is necessary to start the contract signing process.
- Second visit: The second visit will be scheduled after at least 10 days have passed since the first visit. On this occasion, we will proceed to sign the contract with the bank and the public deed of the loan will be delivered.
How long does it take to sign at the notary?
The signing of the mortgage before the notary takes place during the second visit. If everything is in order and there are no setbacks, it is usually a quick process. In general, the signing of the mortgage before the notary is completed in approximately 1 to 2 hours.
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