Browse Forums Home Finance 1 Jan 02, 2010 8:37 am If you sell your home that has a mortgage on it - how does it work? Do you pay off what you owe to the bank? Or do you pay the % of what the bank owns in that property? Say if you have 50% equity in your home. Do you only take 50% of whatever the property sells for? Or do you pocket all the money and just pay the bank what you owe them? I just have a regular mortgage. ANZ simplicity plus. I am not planning to sell. I just recently bought my first property. But, just interested to know how it works if you want to sell while you still have mortgage on the property. Re: Selling home with mortgage 2Jan 02, 2010 11:22 am When you sell a home with a debt / mortgage basically this is what happen's:- 1. Your Bank will give your solicitor / conveyancor a final payout figure which will be made up of the balance outstanding + any accrued interest + any discharge fees / other relevant fees (govt etc). 2. Your realtor will also provide a list of their costs. 3. These amounts will then be deducted on the day of settlement from the sale proceeds. 4. The balance left over is made available to you - either via Bank deposit or Bank cheque. Some things are worth waiting for. Re: Selling home with mortgage 4Feb 22, 2010 2:18 pm Also important to note; you don't always have a surplus when you sell a home that is mortgaged. You can have a shortfall as well and you need to pay this amount on settlement day. We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16288 From what I know about water tanks (I've been working with a client on them for a few years now) is this - The concrete can last a lifetime if they don't crack for some… 2 10639 go upvc window frames ensure insulation under colorbond. not just sarking, lighter color roof also not sure if you have seen this viewtopic.php?t=5823 last couple of pages… 4 110576 |