Mortgage: mortgage lending new practice
Relatively recent practice of home mortgage lending, has added a new legal direction. It’s called the mortgage to the mortgage. Civil law clearly defines that the key may be regarded as property, and the values passed by the borrower to the pledgee. They are providing (partial or full) a loan or credit agreement.
Already a large number of banks today take a mortgage for the transfer of rights to mortgage the property. This practice is described below.
Before granting a home loan bank advances one obligatory condition which is the mortgage. When ownership of a specific property will be registered, bank-lender mortgage equates to the rightful owner. It confirms the Bank’s rights of property, unencumbered by mortgage.
The mortgage is the mortgage instrument that is sufficiently certain content. It includes:
-a name must contain the word “mortgage”;
-the name of the pledgor and the pledgee, and the name of their place of registration;
-the place, date of conclusion of the contract, under which the obligation secured by the mortgage;
-the amount of debt obligations and the interest thereon;
plan, which will be paid off the debt;
-information needed to identify the executed to mortgage the immovable object: its name, location, etc.;
-assessment of the property being mortgaged;
-description of the law under which the property is owned by the pledgor;
-Note the lack of any third party rights on the property;
-signature of the mortgagor;
-all the information on registration of the mortgage contract;
-as well as date when the mortgagee was granted the mortgage.
Mortgage: mortgage lending new practice
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