A mortgagor is an individual or entity that borrows money from a lender to purchase property and secures the loan with the property itself as collateral. The mortgagor is the borrower in a mortgage agreement, while the lender is known as the mortgagee.
In a mortgage agreement, the mortgagor grants the mortgagee a lien on the property as security for the loan. This arrangement allows the mortgagor to obtain ownership and use of the property while repaying the loan.
If the mortgagor fails to meet the repayment terms, including defaulting on mortgage payments, the mortgagee has the right to foreclose on the property, sell it, and use the proceeds to cover the outstanding debt.
Mortgages are a fundamental aspect of real estate financing, enabling individuals and businesses to purchase property without paying the full price upfront.
Real Estate Law: Involves the legal rights and obligations of borrowers and lenders in property transactions.
Property Law: Pertains to the interests and protections afforded to mortgagors, including rights of possession and use of the property.
Many confuse the terms mortgagor and mortgagee, mistakenly believing the mortgagor is the lender. However, the mortgagor is the borrower who owns the property and has taken out the mortgage loan, while the mortgagee is the lender or financial institution providing the loan.
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