Is it advisable to acquire a home through a transfer?

If you want to buy or sell a home through this modality, it is best to turn to experts to avoid falling into possible fraud

Nowadays there are different modalities to acquire a home, but most people are inclined to do so through the exercise of a mortgage loan, either with the Institute of the National Housing Fund for Workers ( Infonavit ), the Fund for the Housing of the ISSSTE ( Fovissste ) or with the bank.

However, there is also the real estate transfer, which occurs when people want to transfer their real estate for some reason. Or, when they have a mortgage loan that they cannot or do not want, to continue to pay; for which they seek to transfer the debt and obtain some money for their property.

Many times, when these types of transactions are carried out, people resort to the transfer of a property solely relying on the word of the other person; Either because he sees it as an opportunity, because he is an acquaintance or because he does not have access to a means of financing to get good.

Experts agree that property transfers represent a great risk if they are not done legally, as many people have been victims of fraud.

According to Mario Noyola and Miguel Berronesdirectors and co-founders of the platform Buy Your House, not resorting to legal means makes this a real problem in the long run. “In the transfer, the accredited person keeps the credit. We do not recommend this figure, from our point of view it does not exist or should not exist ”.

Therefore, if you want to make a transfer, it is advisable to do so before a notary and use a document of assignment of rights or recognition of debt. Even so, one must be very attentive to the process, since institutions such as Infonavit do not recognize transfers; Therefore, if the owner of the loan dies, the house will be handed over to the beneficiaries who have been registered with the Institute, even when a document has been signed before a notary public.

On the other hand, in case of those who can no longer pay their mortgage credit and want to sell their property or get rid of debt, entrepreneurs recommend the following options:

  • Renting your house instead of making a transfer, since transferring a loan without making the mortgage release is not legal.
  • Return the home through the process known as Infonavit Payment Dation. In this case, the borrower must notify the Institute that they can no longer pay the financing and that they wish to deliver the property to pay off the debt.
  • Sell ​​the property legally. For this, there are companies focused on buying affordable housing, even when they have some type of debt or current credit