Joint Mortgage Legal Document

A joint mortgage legal document is one in which more than one person plays the role of the mortgagee. This means that the mortgage amount is shared by more than one person and therefore needs a different arrangement than normal mortgage.

Sample Joint Mortgage Legal document

This is to inform whoever concerned that the joint mortgage between Mr. James Murrey of 34 Mapleton Street, New York and Mr. Brian Carmichael of 21 Redwood Avenue, New York [henceforth referred to as the joint mortgagees], and ASD Financers Pvt. Ltd. [henceforth referred to as the mortgager] is effective from the 1st of June 2011 to the 1st of June 2015. The duration of the mortgage deal is for a period of three years. The mortgage of the property 45 Aston Villa, New York, owned by Mr. Murrey will fetch the joint mortgagees a sum of 10 million USD combined, and the rate of interest charged by our firm is 5% compound interest per annum.

The joint mortgage deal will be distributed between the two mortgagees. Please check overleaf for more details on the exact sharing of the mortgage loan. 60 percent of the mortgage loan amount to be submitted by the joint mortgagees by the end of the three year period will be paid by Mr. Carmichael and the remaining 40% will be paid by Mr. Murrey. This arrangement has been privately agreed upon by the joint mortgagees and all terms and conditions of the mortgage deal have been worked out based on this arrangement. Care should be taken to completely read and understand the terms and conditions of the joint mortgage deal. In case of any confusion please refer to the draft attached along with this document.

Signature of mortgagee 1: _________________________

Signature of mortgagee 2: _________________________

Signature of witness: ______________________________

Date: _____________________

Place: _______________________

Posted in Mortgage Documents