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

1. deed embodying a mortgage