Rights and Liabilities of Mortgagor And Mortgagee
The Transfer of Residential Or Commercial Property Act, of 1882 (hereinafter described as "the Act") consists of legal provisions associated with 'modes of transfer' and mentions how a residential or commercial property can be transferred in India. A mortgage is one type of the transfer of residential or commercial property. The Act provides the rights and liabilities of the mortgagor or in simple terms the customer and the mortgagee of the mortgage.
As per Section 58( a) of the Act, a mortgage is the transfer of an interest in a specific immovable residential or commercial property to secure payment for money loaned, a financial obligation, or an engagement that might result in future financial liability. In easy words, in mortgage a residential or commercial property is utilized as a security for a loan. A mortgage, generally, supplies security to the result that if the mortgagor stops working to pay back the loan or satisfies his financial liability, the cash of the mortgagee can be recuperated.
Who Is A Mortgagor?
Section 58 of the Act offers that the transferor is called a mortgagor. A mortgagor is a person who pushes away an interest in his/her unmovable residential or commercial property in favour of another called the mortgagee for the purpose of securing a financial loan. The mortgagor still had the ownership of his residential or commercial property and offered the mortgagee an interest in the exact same. The mortgagor uses the value of his residential or commercial property to raise a financial advantage and promises to reimburse or pay a loan or have the ability to satisfy a responsibility. The asset serves as a collateral claim for the mortgagee to impose a right to claim and sell the possession on the failure of the mortgagor to meet his responsibilities.
Who Is A Mortgagee?
The Transfer of Residential Or Commercial Property Act, of 1882 (hereinafter described as "the Act") consists of legal provisions associated with 'modes of transfer' and mentions how a residential or commercial property can be transferred in India. A mortgage is one type of the transfer of residential or commercial property. The Act provides the rights and liabilities of the mortgagor or in simple terms the customer and the mortgagee of the mortgage.
As per Section 58( a) of the Act, a mortgage is the transfer of an interest in a specific immovable residential or commercial property to secure payment for money loaned, a financial obligation, or an engagement that might result in future financial liability. In easy words, in mortgage a residential or commercial property is utilized as a security for a loan. A mortgage, generally, supplies security to the result that if the mortgagor stops working to pay back the loan or satisfies his financial liability, the cash of the mortgagee can be recuperated.
Who Is A Mortgagor?
Section 58 of the Act offers that the transferor is called a mortgagor. A mortgagor is a person who pushes away an interest in his/her unmovable residential or commercial property in favour of another called the mortgagee for the purpose of securing a financial loan. The mortgagor still had the ownership of his residential or commercial property and offered the mortgagee an interest in the exact same. The mortgagor uses the value of his residential or commercial property to raise a financial advantage and promises to reimburse or pay a loan or have the ability to satisfy a responsibility. The asset serves as a collateral claim for the mortgagee to impose a right to claim and sell the possession on the failure of the mortgagor to meet his responsibilities.
Who Is A Mortgagee?