Selling a mortgaged property
In order to sell a mortgaged property your bank must issue a redemption statement which includes the unpaid past-due interest so that any purchasers who do not want to subrogate the mortgage on the property, can settle the debt, either with a cheque before a notary public or an urgent transfer order via the Banco de España.
The property would therefore be released from the mortgage and could be sold without any encumbrances.
Purchasers are always responsible for any related expenses, unless agreed otherwise. Sellers will only have to pay the following subsequent expenses:
- Deed of mortgage redemption
- Payment of the tax on increase in urban land value