Mortgage means that the debtor or a third party does not transfer the possession of the property listed in Article 34 of this Law, and takes the property as the guarantee of the creditor's rights. When the debtor fails to perform his debts, the creditor shall have the right to discount or give priority to compensation with the price of auction or sale of property in accordance with the provisions of this law. The debtor or the third party specified in the preceding paragraph is the mortgagor, the creditor is the mortgagee, and the property provided as guarantee is the collateral. For bank credit mortgage, individuals should also apply for loans, and bring the information given by the bank, including (copy of bank business license, copy of legal person, copy of client, certificate of other rights, etc.). ) and the real estate license to the trading center for cancellation. It takes 1 to 3 working days for bank loans to be released.
1. The bank will issue a repayment certificate within 1-3 working days after the parties go through the settlement formalities at the loan bank;
2. Submit the real estate mortgage contract, house ownership certificate and loan repayment certificate to the real estate trading center, and the staff will go through the cancellation procedures on the spot after verification, review and confirmation, and release the mortgage within 3 working days and put it on record.
Legal basis:
People's Republic of China (PRC) Civil Code
Article 394 Where the debtor or a third party mortgages the property to the creditor for the purpose of guaranteeing the performance of the debt without transferring the property, and the debtor fails to perform the due debt or realize the mortgage right according to the agreement of the parties, the creditor has the right to be paid in priority for the property. The debtor or the third party specified in the preceding paragraph is the mortgagor, the creditor is the mortgagee, and the property that provides guarantee is the mortgaged property.