Nowadays, more and more people are resorting to choose loans to cover their needs. Lenders (usually the Banks), in order to secure themselves in the procedure of granting a loan, they register legal charges on the borrower’s property, in the event that the borrower cannot pay off the loan. In fact, legal charges are registered for an amount greater than the amount of the loan granted to the debtor.
After the obligations to the lenders are fully paid, it is crucial to eliminate – remove the charge registered on the borrower’s property, so that the property is once again free of encumbrances.
The process of eliminating the legal charge on property is a simple process, which is done through the Court, which issued the registration of this legal charge on the borrower’s property. It begins with the application of the borrower, through his Attorney, by requesting a new Decision to be issued ordering the revocation of the decision that ordered the legal charge on property. The procedure is carried out either consensually, with the document with the confirmation of the lender, that the loan has actually been paid or by litigation.
The duration of the process of removing / eliminating the legal charge, can be completed even in 12-15 days, when this is done consensually – with the relevant confirmation from the Bank. Also, in case of litigation, the duration is not so long, however it may be delayed due to the waiting for the issuance of the Court’s Decision.
The procedure is completed by registering the Court’s decision to the Mortgage Registry or Land Registry office, so that the legal charge on property is deleted from the Deed Books or the Land Registry.
The necessary documents that are required to carry out the procedure are the following:
- The Identity card of the Owner of the property – borrower
- The title deed of the property
- The Court’s decision by which the legal charge was registered
- Excerpt of Cadastre Chart from the Cadastre Office or an Encumbrance Certificate
- Certificate from the Bank that the borrower’s obligation is paid in full
Our office has an extensive and specialized experience in the judicial handling of cases of registration and elimination of legal charges on property, and also in any case concerning your property.
For further information or assignments, you can contact us at 2106912500 or by email at souzanamertiri@gmail.com.
