Redemption is a term used in second-hand housing transactions. At the time of the transaction, the house was still in the state of mortgage, which was related to the bank mortgage. If you want to trade, you must first pay off the bank loan and cancel the mortgage. This process is often called redemption.
The specific process is as follows:
1. The buyer and the seller sign the house purchase and sales agreement;
2. Choose a loan bank and apply for a mortgage loan;
3. Apply for mortgage loan guarantee from the financing guarantee company and sign the guarantee documents;
4. After the approval of the guarantee company, the buyer and the seller go to the notary office for full authorization notarization;
5. Guarantee Contract signed by the guarantee company and the loan bank;
6. After the loan bank agrees to prepay, the guarantee company pays the loan balance to the bank, and the foreclosure is successful;
7, the guarantee company for foreclosure, license, cancellation of mortgage registration and transfer registration procedures;
8. After issuing the certificate, the buyer shall go through the mortgage registration formalities with the bank;
9. After the mortgage registration is completed, the bank agrees to lend to the buyer, and the guarantee responsibility of the guarantee company is lifted.