The importance of intervention and monitoring of operations by a notary in a mortgage consolidation is a fact. It is up to him to study the value of the real estate project and the quality of the real estate in question.
Thanks to the provision of the mortgage report, which is nothing more than a document held by the land registration service to which the property concerned geographically belongs, and making it possible to ensure traceability of the life of the property, the notary verifies all the details relating to the property, from a legal point of view. This is essentially the knowledge of the owners, the guarantees taken and the expertise if necessary.
In addition, the mortgage statement may be required from the borrower by the bank or credit institution, as part of a credit consolidation, in order to determine which mortgage categorization to offer him.
In more depth, the mortgage state is to be understood in an even broader sense. In fact, the mortgage statement is a document in the service of land registration and which provides information on the legal situation of each property present on French territory. There is also a statement of the various publications and possible mortgage registrations related to this property subject to the transaction. This means that in essence, a mortgage statement provides the following information on a property:
- the names of the owner (s) of the property (successive or not),
- the statement (s) of all mortgage registrations,
- any charges that would relate to the property,
- a list of the various publications.
In terms of mortgage repurchase, the mortgage state represents a real guarantee for the security of the operation. This is why the notary must demand it and take the time to study and analyze it in order to report to both the lender and the borrower. The role of the notary is extremely important at this stage of the procedure. To have the mortgage statement available, and to be able to analyze its content and details, the notary can send a request to the land registration service by contacting the service directly, or by filling out a dedicated form available on the website of the service. This is an essential prerequisite for subsequent operations.