Legal Mortgage Document

A legal mortgage document is a formal official document where the terms and conditions of a mortgage loan are given. A mortgage document is a legal written record by which the owner of a property transfers an interest in the property to the lender in order to secure a loan. The commercial or residential property is used as collateral or security for repayment and once the loan is paid back, the title to the property is transferred back to the owner. If the borrower defaults and is not able to pay the amount back, a legal notice is sent to him that foreclosure shall be applied on the property and the lender shall keep the sale proceeds.

Sample Legal Mortgage Document:

Legal Mortgage Document

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Posted in Mortgage Documents