Understanding Mortgage Essentials and Different Types
Classified in Law & Jurisprudence
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Mortgage
Definition of Mortgage:
A mortgage is security for the payment of debt. It is created by a written document providing security for the performance of a duty or the payment of debt. More specifically, a mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced by way of loan, an existing or future debt, or the performance of an engagement which may give rise to pecuniary liability.
Key Terms:
- Mortgagor: The transferor (borrower) is called the mortgagor.
- Mortgagee: The transferee (lender) is called the mortgagee.
- Mortgage Money: The principal money and interest secured for payment is called mortgage money.
- Mortgage Deed: The instrument by which the transfer is effected is