The document that certifies that a person does not have any debt contracted with a bank It is called a zero debt certificate, and it is issued by the bank itself. This certificate It must be requested when the mortgage has just been paid and the mortgage loan has been fully amortized that was requested when purchasing it. It is essential to request the cancellation of the mortgage in the registry.
How much does it cost to apply?
Once the last installment of the mortgage has been paid, you can go to the bank with which this mortgage was contracted to claim the document, which the bank is obliged to deliver for free. This is how the Bank of Spain, which prevents banks from charging for this type of procedure.
What is the zero doubt certificate needed for?
The zero debt certificate is essential to go to the registry and request the cancellation of the mortgage, whether it is entrusted to the financial institution or if the procedure is carried out on its own. If the first option is decided, it is necessary to give prior consent, which must be in writing and signed by the person concerned. What’s more, may charge the commissions and expenses corresponding to this procedure, previously informing of it.
Once in possession of the certificate, you will have to go to a notary with it and deliver it to sign the public deed of cancellation of the loan. The entity should not charge for the signature process or for the trip to the notary’s office. Subsequently, it will be necessary to request and complete the Document of Documented Legal Acts (IAJD) in a delegation of the corresponding autonomous community. It is a mandatory step and exempt from payment.
Finally, With the copy of the tax, the zero debt certificate and the deed, in case we do this process ourselves, we must go to the Property Registry to make the cancellation effective.
Is it mandatory to cancel the mortgage in the registry?
The cancellation of the mortgage in the registry is not mandatory, but it is convenient. If this process is carried out, it could facilitate many others in the future. What’s more, In case the owner wants to get rid of the house, or apply for a new mortgage, then it is mandatory carry out this procedure in the registry.
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