Economy

Joint Mortgage and Assumption: What to do to not go wrong

This usually happens when there are more contract holders subscriber One of the parties transfers to the other the burden of paying the missing parts of the “debt” contracted with the bank.

L ‘take over subordinate joint mortgage It is a widespread practice especially among home-owning couples or in the case of parents/children and unmarried couples; Since there are all kinds of joint registration that we talked about in a previous article from IlGiornale. Basically, there may be certain situations including if the remaining shares of the loan are managed in the event of a separation; In this case, for example, what happens? What are the fees or any tax benefits?

Let’s go in order and see what it is

Mortgage Acceptance: What is it?

This is a fairly simple practice and consists in having someone take over the purchase of a property on which they have a mortgage (and therefore not amortized); The advantages are given above all related to saving expenses related to bureaucratic and preliminary procedures, including notary fees.

These are not insignificant numbers if we consider that for a loan of 100 thousand euros, for example, bureaucratic costs are about 3 thousand euros which, on the other hand, can be “overrun” with the assumption; However, care must be taken not to take it to all cases the same, especially if it comes to obtaining a joint mortgage where it is very important to check the remaining debt and what the actual terms of the loan are (eg if there were past arrears).

Joint Mortgage Acceptance

This type of procedure is regulated by Article 1273 of civil law Which says: “If the debtor and a third party agree that the latter bears the debt of the other, then the creditor can abide by the agreement, making the condition in his favour irrevocable. And the creditor’s departure means a “discharge” of the original debtor only if this constitutes an express condition of the condition or if it is declared The creditor is expressly released, and if there is no release of the debtor, he remains jointly and severally liable with the third party.

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In any case, the third party is obligated to the creditor who has complied with the condition within the limits in which the debt is incurred, and can oppose the creditor with exceptions based on the contract on which the assumption was made.”

The typical case of taking on a joint mortgage is in the case of spouses or cohabitants, who have purchased a property in an asset community by requiring this type of contract but, after the breakdown of the marital relationship or cohabitation, require a different management which usually states that one of the parties decides to buy a share of the property The other party, the payment by assuming the lost mortgage share. It is formalized by a notarized deed in attendance:

  • From Buyer (Bank)
  • From the original holder of the loan agreement (accollato)
  • Person who undertakes the contract (collector)

In the event that there is a so-called release – This is an express declaration – where it is specified that there is an effective release of the original debtor from any restriction, in the event of non-payment of the debt by the accollante, the original purchaser (accollato) is responsible for it.

A joint mortgage assumption can be of two types:

  • cumulative (the properties are the same as in the above case in which the release is not signed);
  • Release, with the full release of the previous debtor from any liability

How does it work and what risks to avoid

The prerequisite for taking out a joint mortgage is that the separation must be consensual and, moreover, a notary fee for transferring the share of the house equal to 50% of the property of one of the spouses, in addition to statutory taxes, will be paid.

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To avoid risks, it is necessary to check that the accollato is up to date with the payments, that the expenses incurred for opening the loan do not have to be paid and that the terms of the loan agreement stipulated from the beginning with the bank are not applied.

Latest tax news

as . points out immobilizer, circular letter no. 20/2011 from the Department of Financerevenue agency, in response to a user, explained that the discount is due to her even without a formal amendment of the loan agreement, but with one condition: “The assumption is formalized in a public deed (for example, in a public transport deed of property) or in a private certified deed. on it and that the receipts relating to the payment of interest are supplemented by a certificate that the full fee may also be borne by the owner spouse for the share referring to the former spouse.”

Therefore, the accrued interest can be deducted in full by the person who took the loan for a total tax deduction equal to 19% of the interest payable and related surcharges up to a maximum of 4 thousand euros.

Thelma Binder

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