Shijingshan District Real Estate Registration Center recently completed its first transfer of the ownership of a mortgaged property involving outstanding loans.

The relevant departments of Beijing have issued a notice to support eligible individuals in completing the registration of the transfer of house ownership without the requirement of discharging the existing mortgage. This initiative aims to address various challenges in the transactions and transfers of existing housing stock, including lengthy loan transfer processing times, high transaction risks, and heavy debt burdens, demonstrating Beijing's ongoing efforts to optimize the business environment..

The first transaction of mortgaged property transfer involving outstanding loans, handled by Shijingshan District Real Estate Registration Center recently is a fully paid purchase by the buyer. In such cases, after the buyer and the seller reach an agreement on the transfer with the seller's loan bank, the buyer shall deposit the purchase price into a designated escrow account. Then the buyer will proceed to the Real Estate Registration Center to complete the necessary registration procedures. In response to public needs, the Center has assigned dedicated staff to proactively assist and connect with individuals seeking guidance and these staff are available to provide online consultation and offline guidance on material preparation and processing procedures. The Center also offers a convenient one-stop service window for real estate transfer registration and mortgage-altering registration. The Center will assist the seller in completing the mortgage deregistration procedures once the buyer's funds have settled the bank loan.

(Source: Gmw.cn)