1. The buyer issues a check-out application.
Usually, after the buyer and the developer reach an agreement, they apply to the developer for return of the house by registered mail, fax or telephone. If you only apply for a mortgage loan, you can negotiate with the developer to return a house. However, it should be noted that if you have already applied for a mortgage loan and borrowed money, you can only sell the house you have already purchased, and you can sell it by refinancing or foreclosure.
2. Go through various formalities at the loan bank.
The developer is responsible for handling all procedures for the cancellation or termination of the contract between the buyer and the loan bank.
3. The developer will refund the house payment.
The developer will return all the purchase money to the buyers, and go through the repayment procedures at the provident fund management institution or loan bank.
The relevant provisions on mortgage and check-out are as follows:
1, insurance surrender procedures, when buyers apply for mortgage loans, banks generally require buyers to buy insurance for their own houses. According to the relevant provisions of the Insurance Law, if the insured requests to terminate the contract, the insurer may collect the insurance premium from the date when the insurance liability starts to the date when the contract is terminated, and return the rest to the insured.
2. Go to the provident fund management institution or the loan bank to stop repayment, the consumer and the bank terminate the loan contract, and the developer will return all the house payment paid by the buyer to the developer or the bank. After the developer returns all the house payment, the sales contract between the purchaser and the developer also means that it can be lifted.