Mortgage Deed

Mortgage Deed

Mortgage Deed

A Mortgage deed is one of the most common forms of Convincing, but drafting is the most important element of this course, it begins with the names of the parties and it ends with the execution and attestation clauses, which in a literal sense means to convey or to transfer something to another person, and widely used for the transfer of movable or immovable property.

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Frequently Asked Questions

A mortgagor is a person who borrows money for the purpose of purchasing a real property.

Mortgagee is the entity that lends money to the borrower against the security of property.

  • Mortgage deed should be signed by the mortgagor
  • Mortgage deed should be attested by at least two witnesses
  • Registration and stamp duty should be paid as required.
  • First and foremost, important thing is 'no encumbrance certificate' if you want to mortgage the property for a loan. Its gives surety that the property is free from Encumbrances.
  • Original title Deeds of the property.
  • PAN card and Aadhar Card details.
  • Previous records.
  • Proof of income
  • Property tax details of part three years.

Banks prefer Registered Mortgages as the Equitable Mortgage lacks records of loans on property in the office of Sub-Registrar. In an equitable mortgage, only the lender and the borrower are aware of the mortgage/charge made on the property.

Therefore, banking institutions consider an equitable mortgage as a misleading and preferred registered mortgage.

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