Mortgage Advice - Immovable Property

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When a customer provides a property such as land and buildings as collateral for a loan, the charge is created by the mortgage. Theoretically speaking, the mortgage can be defined as the transfer of an interest in a specific property in order to secure the payment of money advanced or to be advanced through a loan, the existing or future debt, or take a commitment which could result in liability. Throughout the process, the transferor is called a mortgagor, the new holder of the mortgage principal and interest payments for which payment is guaranteed so-called mortgage and the instrument, if any by which the transfer is called a mortgage note.
The understanding of the above terms is very important when considering any type of mortgage advice. Based on these conditions, a mortgage is the transfer of an interest in property and sales differs transferring ownership of a particular property. Transfer of an interest in the property means that the owner of the rights transferred some property to the mortgagee and keeps himself the remaining duties. For example, a debtor retains the right to redeem the mortgaged property.

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It should be noted that if there is more than one co-owner of a property, each owner has the right to mortgage his property. The property to be mortgaged must be specific. In other words, can be described and identified by its location, size and other factors. The purpose of the transfer must be to get a loan or to ensure compliance with a commitment that translates into a monetary obligation. Thus, the property can be mortgaged to secure the creditors for loans already made by the debtor or over loans it intends to adopt in the future.

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