Banking / Finance Law
Mortgage
A transfer of an interest in immovable property to a lender as security for a loan, giving the lender the right to sell the property if the loan isn't repaid.
A mortgage doesn't transfer full ownership to the lender — the borrower retains possession and use of the property in most cases — but gives the lender a legal right over it as security, enforceable through sale of the property if the loan defaults.
Different types of mortgages (such as simple mortgage, mortgage by conditional sale, or equitable mortgage by deposit of title deeds) carry different legal consequences and remedies for the lender.
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