mortgage deed
Học thuậtThân thiện
Definition
Noun: A legal document that formally creates a mortgage, serving as the deed that transfers an interest in a property from a borrower (mortgagor) to a lender (mortgagee) as security for a loan. It embodies the terms of the mortgage agreement.
Usage
The term "mortgage deed" is used to refer to the specific, physical legal instrument that secures a loan with real property. It is a key document in property transactions involving financing. - The bank required the homeowners to sign the mortgage deed before releasing the funds. - The lawyer reviewed the mortgage deed to confirm all the clauses were standard.
Advanced Usage
- "to execute a mortgage deed": To formally sign and complete the mortgage deed, making it legally effective.
- The parties will execute the mortgage deed at the closing meeting.
Variants and Related Words
- Mortgage (noun/verb): The loan agreement itself or the act of using property as security for a loan. The "mortgage deed" is the document that legally effects a "mortgage."
- Deed (noun): A written legal document that conveys an interest in real property. A "mortgage deed" is a specific type of deed.
Synonyms
- Security deed (in some jurisdictions, this is a synonymous term for a mortgage deed).
Related Phrases
- Deed of trust: A similar security instrument used in some states instead of a mortgage deed, involving a third-party trustee.
- Satisfaction of mortgage: The document that releases the property from the terms of the mortgage deed once the loan is paid.
Noun
- deed embodying a mortgage