The property has several financings or registered securities. When selling you want to know what actually needs to be paid off and what must be clarified for the intended completion. A list of the monthly instalments is not sufficient for that. Our editorial method for Austria and Germany links specific contracts, securities and contacts. It does not calculate a payoff amount and does not establish an order of priority for payments.
Start on both sides of the allocation
First record the known loan agreements with a clear designation and the actual contracting party. In addition, compile the current land register status and existing security documents. Do not simply stack the lists according to the order in your own folder.
Our recommendation: Note for each connection which document actually describes it and what remains unclear. If you do not know which obligation a particular security relates to, that question remains open. The same company name is not yet a complete allocation check.
Record changes since the contract began
Was there a refinancing, an additional agreement or a change of the known contact? Gather the actual documents for that. An earlier payoff statement may concern a different time or scope. It does not become today’s payment instruction without reclassification.
This also applies to securities on other properties or third-party rights insofar as they appear in the available documents. What significance they have for the planned sale must be determined by the responsible bank and contract advisory service. The article does not declare any security automatically deleted merely because a repayment is recalled.
An invented incomplete payoff plan
A seller plans to pay off her known mortgage. When organising the documents another agreement is noticed whose connection with an existing security is unclear. She does not simply add up the amounts named in the land register and she does not independently transfer funds to the first place she finds.
She provides contracts, the current register status and the concrete intention to sell to the competent specialist offices. These should classify the required payoffs, declarations and payment routes for the transaction actually intended. The example does not name any general bank claim to a specific share of the purchase price.
Receive a response with subject and timing
Ask that any obtained statement make its business relation and temporal status apparent. Which payment is intended for what, which declaration is required and which prerequisite remains open? The legal usability is checked by the responsible office.
An incoming payment and the corresponding release or deletion are distinct results in the work overview. The article does not provide a blanket deletion authorisation (Germany) or deletion declaration (Austria) and no general promise that the bank must release every desired asset.
Plan your own proceeds only after allocation
Keep confirmed amounts, still outstanding enquiries and expected further costs distinguishable. The same portion of the purchase price must not be reserved at the same time for two different payoffs and for your own move. Which funds actually become available follows only from the fully checked process.
This way bank preparation gains a concrete context. You do not just collect many account numbers, but can show the specialist offices which obligations and securities must be clarified for the planned transaction.