Property transfer process
1. Sign the contract and pay the deposit;
2. Go to the bank to apply for a house purchase loan;
3. Designated by the bank The lawyer talks to the applicant and reviews the relevant information of the loan applicant (including identity documents, income certificate, etc.);
4. The bank appoints an appraiser to evaluate the property for sale and determine the appraisal value;
5. The lawyer issues a "Legal Opinion" and the appraiser issues an "Evaluation Report", which together with the relevant information submitted by the applicant are sent to the bank for review;
6. The bank confirms that the applicant has the necessary qualifications After the loan conditions are met, a loan commitment letter is issued (the bank determines the loan amount based on the appraised price, and the loan amount issued is generally 70% of the appraised price);
7. After the bank issues the loan commitment letter, it notifies the buyer and the seller to handle the transfer. Procedures;
8. Both the buyer and the seller go to the Real Estate and Land Bureau to handle the transfer at the same time and submit relevant materials. In most cases, the buyer should pay the down payment to the property owner on the day of the property transfer, or they can also sign the contract as agreed. The down payment must be paid on the contract date. Some banks require that the down payment be handed over to the bank within a few working days after the loan application is submitted and the bank will temporarily freeze it;
9. After the transfer, the bank will process the down payment within a few working days. Transfer the loan portion to the original owner;
10. After the property certificate is issued to the new property owner (loan applicant), the property certificate will be retained in the bank or the bank will be stamped with mortgage registration after completing the mortgage registration. The original certificate of title with the seal shall be handed over to the new owner.
Since the regulations of various regions and banks will vary