1. Parents funded the purchase of a house, and the child later wants to participate in the repayment of the mortgage and transfer the house to his name, what should I do?
First of all, it is not possible to transfer the property directly, because the house that is in the process of repaying the bank mortgage is under the mortgage. At this time, the transfer of property rights, regardless of whether it is an immediate family member or not, must be approved by the mortgagee (that is, the bank). Of course, since the loan has not been repaid, the bank will not agree to transfer. You can look at your loan contract.
In short, the feasible way is to repay the loan first, and here you need to make short-term financing; after the loan is repaid, the bank’s mortgage will have a warrant for other items, and this will be canceled before you can go through the transfer procedures. After transferring the property to the child, the child goes to the bank to repay the first financing to repay the mortgage through the real estate mortgage loan and starts to repay the new bank mortgage. The specific procedures are as follows:
1. The buyer and the seller sign the loan contract, and pay attention to be prepared to pay the deed tax before the transfer, because the parent transfers the ownership to the child, so who will pay the tax can be agreed by themselves; 2. To do financing, or use your funds to repay the mortgage. If it is the parents who bought the house and the registration is in the parents’ name, then the repayment of the loan can only be handled by the parents, and go to the bank to settle the loan; 3. After the loan is settled, the other rights will be canceled; Hand over the title deed to the bank as a mortgage loan;
Of course, if parents are also worried about whether their children will be able to repay the previous financing loan in time during the transfer process, they can sign a transfer agreement stating the rights and responsibilities of both parties. The transfer does not involve this issue. Another thing to note is that you need to negotiate according to the initial loan agreement with the bank. For example, if your 30-year mortgage is settled at one time, the bank may charge a certain handling fee.
If a guarantee company is used in the loan process, whether it is the first mortgage loan or the guarantee company used in the financing process for early repayment of the property, it is necessary to pay the guarantee fee, which must be included in the capital budget for the transfer.
2. What is the general second-hand housing transaction process?
Property transfer preparation information
(1) Application form for real estate transfer registration;
(2) The applicant’s identity certificate;
Materials required by the seller: the original ID card and a copy of the ID card. If you are married, you need the original and a copy of the marriage certificate, and the original real estate certificate; if one of the husband and wife cannot be present, you must first write a power of attorney and then go to the Justice Bureau for notarization, household registration book, and a copy.
Materials required by the buyer: original ID card and a copy of ID card, household registration book, and copy, if you are single, you need to go to the Civil Affairs Bureau to issue a single certificate.
(3) Certificate of real estate title;
(4) Administrative decision of relevant administrative organs, real estate sales contract, (notarized real estate sales contract should be submitted as required) or notarized real estate gift, or notarized real estate inheritance certificate, or real estate exchange agreement, or a real estate division agreement;
(5) If a mortgage has been set, a written document agreed by the mortgagee shall be submitted; (the mortgagee of the mortgage loan is a bank)
(6) For compulsory transfer by the people’s court, the effective judgment, ruling, mediation, and notice of assistance in execution shall be submitted.
3. Is it better to hold cash or real estate in the current environment?
This topic is quite open, and different situations of different people need to be treated differently. However, many friends have raised this question recently, so I will briefly analyze it.
Note that this question does not involve the purchase of the first home that just needs to be purchased. The house you live in is not something to be considered in this question. Everyone’s questions are mainly from the perspective of asset allocation. Most of the friends who ask this question think about two elements:
1. The release of water is the quantitative easing of the currency, the loan interest rate continues to decline, and the pressure of cash depreciation is great. How to preserve the value in this case;
2. The previous experience is that each round of water release means that house prices will rise. If this pattern is still present today, then buying a house has become one of the few choices, especially when the real economy is in recession. Risk is uncontrollable.
I don’t think the current economic situation should be viewed with such a rigid mindset, but rather uncertainty first!
In the context of housing housing and non-speculation, although interest rates are lower, we must pay attention to the difference in LPR market-based interest rate pricing. The 1-year short-term LPR is cut more than the 5 years. It can be said that lowering the interest rate is to support the real economy rather than the long-term. A mortgage is only one of them; the most important thing is that the current economic variables are too large. Don’t bet on one or the other and invest in something. Moderately maintaining cash flow instead of increasing debt is a better choice for the family’s financial situation.
And at present, due to a large amount of household loan balance and growth rate on the macro level, roughly 60% to 70% of household loans are mortgage loans. This high leverage ratio is second only to some developed countries, and there is a greater financial risk. of. Therefore, the country generally wants to restrain investment in real estate, especially the investment of the whole people. Therefore, there will be no particularly favorable policies to stimulate the real estate market in the future, and stability will be the main priority. In the future, the cost of holding real estate will be higher and higher, including the mortgage amount itself is a big burden.
For ordinary families, it is more important to maintain necessary family expenses for more than 6 months, children’s schooling, and urgent funds.
Even if you have enough money to make a down payment, don’t think like the habitual thinking of the past: why don’t I buy a house. Because the change in future income at this time will shrink for at least a certain period. At this time, it should not be how much money you have on hand to make a down payment, but whether you will have to bear a new long-term loan in the future. risk to come.
Then, from the perspective of investment income, the increase in housing prices will inevitably narrow. Whether it is policy control or market demand with limited purchasing power, housing prices will not be allowed to rise sharply. Moreover, the tax burden of real estate transactions after short-term holding, including business tax and income tax, often exceeds 20% or more of the value-added part.
As a special reminder, the sideways and slightly rising house prices in many cities may not be enough to offset inflation. In many cities, house price growth has been in the single digits in the past two years. We roughly estimate inflation at around 7-8%. Can the price keep up? Especially many prefecture-level cities, third- and fourth-tier cities need special attention, not every city is Shenzhen, Hangzhou, Xi’an.
If the funds are not particularly abundant and only the down payment is required, it is not recommended to add leverage to buy a house at this time, especially if there is already a mortgage in the name.
Another thing to pay attention to is second-hand housing. At present, the transaction volume of second-hand housing in some areas is recovering as the epidemic is brought under control, but please don’t just look at the current situation. The transaction volume of second-hand housing has continued to rise in the past period, on the one hand, it has digested part of the demand. on the other hand, some people continue to sell real estate in the market, and this supply will also reduce the price of second-hand houses and the sales cycle condition.