09 Nov Partial Releases
Q- Are you a seller with multiple properties secured by the one financier and intending on selling one of the properties but retaining the others?
A- For people with multiple credit lines with a financier, or multiple properties linked to the one loan, you may be required to arrange for a partial release instead of a full release of mortgage.
This means that the bank will need to do a full review of your portfolio to ensure that the remaining securities covers their existing debts. This process is often time consuming and can often require valuations to be done on the properties or assets being retained.
If you are not sure of your circumstances we suggest speaking to the bank prior to entering into a contract of sale to ensure everything is in order for settlement as it approaches.
Please contact our office should you require any assistance.
See also: OWNit Conveyancing frequently asked questions.
We believe the success of our business comes from treating you as an important business associate and providing you with as much support as possible in dealing with your clients. This means providing you with the highest level of service, efficient turnaround of contracts, and quick, hassle-free responses to your individual needs.
Visit OWNit conveyancing Queensland offices near you:
- Conveyancing Brisbane
- Conveyancing Gold Coast
- Conveyancing Sunshine Coast
- Conveyancing Beenleigh
- Conveyancing Logan
- Conveyancing Springfield
- Click here to view all locations
To learn more about when the owner of a property has passed away, contact OWNit Conveyancing on 1300 553 750.