Credit Transfer: transfer the loan or the loan to other

Credit Transfer: transfer the loan or the loan to other

Sometimes we can grow the need to sell a house on which we have a mortgage or a car that we're paying with financial support. One solution would be to implement the transfer of credit are also entitled to transfer the credit to the buyer.

We give a definition

Assignment is a contract that offers the opportunity for a holder of credit (by loan, financing, loan) to give it to others. Quest 'does not change the nature of the claim, but the "debt ratio" that is the basis and which binds a person to repay the money received. The claim, therefore, is sold with the same guarantees and collateral that is accessory to the original contract between the customer and financial institutions.

How to implement

For the definition of Transfer of credit is important to know what are the steps to follow:

the creditor must be informed of the "change" his debtor. You do not need any consent, but the reporting of the new entity that acquires the credit.

Who implements the transaction must be the holder of the claim and has no obligation to make sure that the law allows him to sell to third parties to the claim.

When the transfer is for consideration, the lender-seller must provide guarantees the existence of the claim under Art. 1266 of the Civil Code. The warranty does not apply if the transfer is free of charge.

Transfer for free and against payment

These are two ways to define the procedure for transfer of credit. Let's see in particular:

1. Royalty-free: the transfer takes place as if it was a donation and donor grants the creditor the new owners of the credit.

2. For consideration: the creditor receives from the transferor new assignee (who takes the credit) but a reciprocal one, as specified on, should ensure the existence of the credit.

Normative references

The Assignment is governed by Article 1266 of the Civil Code that states that "A creditor may transfer with or without consideration of his claim, even without the consent of the debtor, provided that the claim is not an exclusively personal character, or transfer is prohibited by law. The parties may exclude the transferability of credit, but the covenant is not enforceable against the transferee, if not proof that he knew at the time of sale. "

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