The first mortgagee in a property transaction has the right to foreclose on the property if the borrower fails to make mortgage payments. They also have the responsibility to ensure the property is properly maintained and insured.
Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.Yes. For clarification, the person who is owed the money in a mortgage transaction is the mortgagee and the mortgagee owns the mortgage. If the mortgagee dies the mortgage is included in their estate as personal property. The mortgagee can make provisions in their will regarding a mortgage they own. The balance on the debt due can be inherited by their heirs or the mortgagee can forgive the mortgage in their will. If there is no will then all the rights under the mortgage pass to the heirs at law under the state laws of intestacy when the decedent's estate is probated.
A mortgagee clause in a Comerica mortgage typically outlines the rights and responsibilities of the lender (mortgagee) regarding the property secured by the mortgage. It ensures that the lender's interest is protected, especially in cases of property damage or loss, by requiring insurance policies to include the lender as a loss payee. This clause also stipulates the procedures to follow if the property is damaged, ensuring that insurance proceeds are directed to the lender to cover the outstanding mortgage balance.
Legal rights and responsibilities of individuals in a domestic partnership include shared property rights, healthcare decision-making, inheritance rights, and responsibilities such as financial support and mutual care.
the basic responsibilities are to protect your rights to life, liberty, and property, and to promote the common good.
I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.I assume the private mortgage was granted to the seller who became the mortgagee. Yes, the mortgagee can sell her rights under the mortgage but she cannot change its terms without the written consent of the mortgagor.
The second mortgagee can foreclose and take possession of the property. However, it would take possession subject to the first mortgage.
Ownership refers to having legal rights and control over a property, while possession refers to physically having control or custody of the property. Ownership grants the owner the right to use, sell, or transfer the property, while possession gives the possessor the right to physically occupy or use the property. The distinction between ownership and possession impacts one's rights and responsibilities in terms of property because the owner has legal authority over the property, while the possessor may have limited rights and responsibilities depending on the terms of their possession.
If the second mortgage is in default the second mortgagee can foreclose and take possession of the property subject to the first mortgage.
Yes, it is possible to purchase air rights in a real estate transaction. Air rights refer to the legal right to use the space above a property, allowing for the construction of buildings or other structures. These rights can be bought and sold separately from the land itself.
In a heterosexual civil partnership, individuals have legal rights such as inheritance, property rights, and next-of-kin status. They also have responsibilities like financial support and decision-making for each other.
rights and responsibilities
Legal rights and responsibilities associated with an object in law refer to the ownership, use, and obligations related to that object. This includes the right to possess, transfer, and protect the object, as well as the responsibility to not misuse or harm others with it. These rights and responsibilities are defined by laws and regulations that govern property ownership and usage.