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Old 21.06.2013, 14:25
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Re: Sell property on mortgage

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I tried looking for this but no easy way to find the answer. The question being - has anyone had an experience of selling a property or apartment that has a mortgage on it ? How does it work ? Is the mortgage transferred to the new buyer ? Are there any penalty or fees for this ?
You pay off the mortgage, plus any early repayment penalties (check your documentation). The buyer will want evidence that cancellation has been agreed and the mortgage been paid - if it is paid off with buyer's funds, the mortgage documents and/or the purchase price (or at least the portion that will pay off the mortgage) will be held in escrow by the bank, a lawyer or the notary, depending on which canton the property is in.
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