How to Sell my Mortgaged Property? Is there a Need of Sale Deed During the Process?

When selling a mortgaged property, you have a few options. Let’s explore them:

1. Porting Your Mortgage:

   • You can transfer your existing mortgage to the new property you intend to buy.

   • This means carrying over the same mortgage terms and conditions to the new property.

2. Paying Off the Mortgage: You can sell your current property, use the proceeds to pay off the existing mortgage, and then obtain a new mortgage for the new property.

Regarding the sale deed, while it’s not mandatory during the sale process, a sale deed is essential for legally transferring ownership from the seller (mortgagor) to the buyer. It establishes the sale transaction and provides details about the property, sale price, and terms of the sale.