Requirements for execution of cancellation deed |
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Dear Customer:To avoid unnecessary setbacks in your loan cancellation procedure, we thank you for complying with following conditions: |
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I. For Cancellation deed execution, customer must submit: a) Original and copy of cancellation receipt (document issued upon loan cancellation, not essential). b) Registry study of lot to be released, original printed from Internet but certified by a Notary (no older than three days of issuance). c) Authorization letter for mortgage cancellations which can be obtained at BCR, submitting a) and b) requirements for its issue. Customer must request and receive it personally or through authorization executed and identification copy of the identification card. Authorization letter for mortgage cancellations issued by the Bank. Original copy. d) Official registered deed. Authorization letter for mortgage cancellation can be obtained in any BCR branch submitting requirements a) and b) for its issue. However; when dealing with partial cancellations, the Authorization letter for mortgage cancellations must be issued by the branch in charge of the operation. If unknown, customer can contact any Bank branch and request such information. II. About document requirements. Deed date must be equal to date of execution or at least, date must be within term of next index provided by the Notary to National File. Documents which date exceeds such term shall not be executed. The letter cancellation text shall not include names or data of people who paid even when debtor is who pays or description date on situation, origin, extension or limits of property since attorney cannot verify such data or cannot confirm it himself. III. Procedure. 1. For signature collection of the attorney in the registered deed, it is recommended to previously inform the branch to confirm that the attorney is available. 2. When actually going to collect attorney signature at Judicial Division, please take into account: a. For cancellation, customer must call one day in advance from 3:30 to 4:00 pm for appointment coordination. b. The only cancellation Schedule
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