The mortgage is a right in rem over movable or immovable property assigned to the performance of an obligation. The following can be mortgaged: land, cars, shares, etc.
The mortgage is, by its nature, accessory and indivisible. It subsists as long as the obligation it guarantees exists.
List of required documents
For the authentication of the mortgage contract the following documents are required (in principle), and they must be presented in original copies at the date of signing the papers:
From the owner:
- The property deeds;
- The certificate of registration the ownership right and the cadastral documentation of the immovable property that is pledged;
- The tax certificate for each owner (per taxpayer’s personal identification number) valid for 30 days from the date of issue by the Local Tax Department of the sector/city to which the property belongs;
- If the owner of the property is a company: articles of incorporation, articles of association, recent certificate from the Trade Register, SGA resolution/decision of the sole shareholder and the administrator’s identity card.
From the bank:
- The identity cards of persons authorized to sign the mortgage contract on behalf of the bank;
- The authentic power of attorney of the bank’s representative.
- The credit agreement.