Chanote And Mortgage

[eddi]

I'm in the process of buying a Condo. The developer has given me a copy of the chanote with his company's name on it.

However, I hear that he has a mortgage on the building so does the chanote mean my condo is mortgage free?

(Maybe he has a mortgage only on the unsold condos!)

Obviously, if I go through with the purchase while there is a mortgage on it then it may take a long time (forever?) to get the chanote in my name.

Any advice from someone who has been in this situation would be appreciated.

[InterestedObserver]

Any mortgage would be recorded on the back of the Chanote in question. For a building registered as a condominium the individual units are sold and/or mortgaged to the individual owners. The developers finances would be separate from the individual owners. If the building is not a registered condominium then that's an entirely different story.

[eddi]

Thanks IO,

I'll ask the developer for a copy of the other side of the chanote.

I'm sure it is registered as a condominium. So it is possible that mine's mortgage free but some others in the project could be mortgaged?

[InterestedObserver]

Thanks IO,

I'll ask the developer for a copy of the other side of the chanote.

I'm sure it is registered as a condominium. So it is possible that mine's mortgage free but some others in the project could be mortgaged?

Certainly, individual owners can go to a bank and get a mortgage on their condo. Done every day.

[thaiwanderer]

Even if genuine the chanote is only accurate at the moment it was issued.

You shouldn't rely on the version supplied by the developer. Make you own / your lawyer's own enquiries at the land office.