Mortgage Deed
SERVICE OVERVIEW
Mortgage Deed
According to Section 58(a) of the Transfer of Property Act 1882, "A mortgage is the transfer of interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or performance of an engagement which may give rise to a pecuniary liability."
The transferor of the property is called the mortgagor, and the person to whom the property is transferred is called the mortgagee. The principal money and interest secured are called the mortgage-money, and the legal instrument by which the transfer is brought into effect is called a mortgage deed.
What is a Mortgage Deed?
A mortgage deed is a transfer of interest in specific immovable property. It is the mortgagor who has the overall interest in the subject property. This involves a transfer of interest where the property is transferred to the mortgagee, granting them the right to recover the loan amount.
For a valid mortgage, there must be an existence of immovable property in the true ownership of the mortgagor. Once the mortgage agreement is complete and accomplished, When an agreement for a mortgage is complete and accomplished, the mortgagor and the mortgagee relationship is exhausted, when there is repayment of loan.