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What is the meaning of charge by deed expressed by way of legal mortgage?
Wiki User
∙ 10y ago
It means an interest or right in a property created in favour of a lender of money as security for payment of a money loaned. It's accorded the status of a mortgage.
Wiki User
∙ 10y ago
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What is the difference between a legal charge and a mortgage?
A mortgage is a loan secured by real property.A legal charge in some jurisdictions is the right a lender has to take that property if the loan is not paid back.
Can an attorney a deed?
Can an attorney sign a mortgage deed/legal charge?
What are the different forms of mortgage?
In a mortgage by demise, the mortgagee (the lender) becomes the owner of the mortgaged property until the loan is repaid or other mortgage obligation fulfilled in full, a process known as "redemption". In a mortgage by legal charge or technically "a charge by deed expressed to be by way of legal mortgage", the debtor remains the legal owner of the property, but the creditor gains sufficient rights over it to enable them to enforce their security, such as a right to take possession of the property or sell it. In an equitable mortgage the lender is secured by taking possession of all the original title documents of the property and by borrower's signing a Memorandum of Deposit of Title Deed. This document is an undertaking by the borrower that he/she has deposited the title documents with the bank with his/her own wish and will, in order to secure the financing obtained from the bank.
What are the legal rights of a cosigner on a mortgage?
legal rights of cosigner on mortgage
Why do banks prefer legal mortgage to equitable mortgage?
Equitable mortgages are legal.
What is the Legal framework for mortgage in Nigeria?
what is the legal frame work for mortgage of land in nigeria
What does the legal phrase a charge on the land mean?
Generally, a charge on the land is a term used in some countries to describe a lien against the real estate. It may spring from such sources as a mortgage or from municipal charges and fees that must be paid by the landowner.
Legal age to sign mortgage documents in Michigan?
In Michigan, the legal age to sign mortgage documents is 18 years old. Minors are not legally able to enter into a mortgage contract on their own. Any individual under the age of 18 would need a legal guardian or parent to co-sign the mortgage with them.
What is legal mortgage?
The legal mortgage in land registry transfers the estate or interest in land or other property for securing the repayment of debt.Since the legal title can only be transferred once by the current owner(mortgagor) to a mortgagee,it follows that only the first mortgage can hold this distinct status.A legal mortgage is therefore a document in which the direct conveyance of title is involved subject to the repayment of a debt.
If the deed of the house is in your husbands and your name and you are paying the original owners mortgage what are your legal rights to the home?
You and your husband are the legal owners of the property but it is subject to the mortgage. If you default on the mortgage payments the bank can take possession of the property by foreclosure.
What do you mean by deed of priority from legal angle?
mortgage
What is a puisne mortgage?
A legal mortgage of unregistered land in which the mortgagee does not keep the title deeds of the land as security.
