The redemption of a rebate is simply to buy back the share of a former spouse or heir, a solution that can finance this share buyback.
The mortgage for the purchase of a rebate
It happens that couples separate, each one decides to take a different direction but before that it is necessary to put an end to the goods in common, this is particularly the case of the property bought together. The idea during a separation is simply for one of the two spouses to buy the share of the other, what is called the balance. It is then necessary to dissociate the home loan and go before the notary.
Separation is not the only case in point, it is also possible to make a redemption of cash in the context of an inheritance, the idea is simple: buy the share of the other. The inheritance gives right to a fair share between the heirs but all are not necessarily interested in the housing in question, namely that many heirs prefer to sell the property. If one of the heirs wishes to buy, then he must buy back the balance of the other heirs.
How is the redemption of balance and the passage to the notary?
In the context of a separation, it is possible to buy the share of an indivisaire (it is the person who owns the share of a property on the principle of indivision). There are two cases:
- Redeem the balance with a real estate loan in progress
- Buy the balance without a mortgage
If a loan has been taken out by both spouses, then the other spouse must dissociate himself from the debt, that is to say he must obtain an agreement from the financing body by drafting a signed document. with his own hand. The co-borrower must also agree to take over the loan in his name and especially as principal. After agreement of the two parties, the separation is recorded at the notary, which will incur costs. As the co-borrower will have participated in the repayment in part of the loan, he will be able to receive compensation in the balance.
If no real estate loan is in progress, simply go to the notary directly to request the recovery of the property as principal, the value of the real estate to be bought will be determined by the notary, there is a only one or more people involved (spouse or heirs).
How to buy the balance of a mortgage?
The question of financing will quickly arise for the borrower who buys one or more shares of real estate. It will first of all be necessary to repay the initial loan but also to take out another loan to buy back the balance in order to become the principal owner. To cumulate two real estate financings can be complicated, the idea is to proceed with a repurchase of the principal mortgage and to include the amount of the balance in the financing. This makes it possible to repay only one reduced monthly payment over a period readjusted. It is an operation perfectly adapted to this type of need, it is however advised to establish a first simulation before embarking on the steps.