IP is an acronym meaning Inscription in Privilege Lender of Sums of money . Specific type of Mortgage, the privilege of lender of sums of money is a guarantee being able to be taken by any lender of funds (generally an banking institution) at the time of the financing of a real acquisition. The inscription of privilege of lender of sums of money can relate only to the financed good. The privilege of lender of sums of money, as the mortgage, makes it possible to the lender to be guarded against the risk of nonrefunding of the loan by the borrower. Indeed, if the borrower does not refund the loan, the creditor can bring a procedure of seizure of property on sale leading to the setting of the good and the priority refunding of the recipient of the privilege.
The privilege of lender of sums of money can guarantee only the refunding of funds directly assigned to the payment of the selling price of a real estate: thus, a loan (or a fraction of loan) intended to finance work or expenses of notary cannot give place to the inscription of a privilege of lender of sums of money.
FranceIn France, the Inscription in Privilege of Lender of Sums of money is less expensive than the Hypothèque because it is not subjugated with the Taxe of land publicity. The privilege of lender of sums of money must be noted by a notarial act and registered with the Land Registry in the 2 months which follows the sale. The inscription takes row at the date of the sale, i.e. the creditor who profits from it will be, in the event of sale on seizure, paid by priority before the creditors having taken a mortgage subsequently to this sale.
Generally, in the event of resale of the real estate by the borrower before expiry of the loan, it will be proceeded to the Mainlevée of the inscription of privilege of lender of sums of money, which involves expenses with the load of the borrower-salesman at the time of this resale.
The radiation of the IP is made near the Registrar of mortgages via a notary.
- Guaranteed of real loan
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