mortgage definition

  • noun:
    • A temporary, conditional pledge of property to a creditor as safety for overall performance of an obligation or repayment of a debt.
    • A contract or deed indicating the terms of home financing.
    • The claim of a mortgagee upon mortgaged home.
    • a particular type of secured loan in which the intent behind the mortgage must be specified to the loan provider, to buy possessions that really must be fixed (not movable) home such as for instance a residence or piece of farm land. The possessions tend to be subscribed as appropriate home regarding the debtor but the loan provider can seize all of them and dump all of them if they are unhappy using the way the payment of loan is performed by the debtor. After the loan is fully paid back, the lender manages to lose this right of seizure together with possessions tend to be then deemed becoming unencumbered.
    • A conveyance of home, upon problem, as protection for payment of a debt or even the preformance of a duty, and come to be void upon payment or overall performance in line with the stipulated terms; in addition, the written tool by which the conveyance is made.
    • State of being pledged.
    • At common-law (and based on the current guideline in some associated with United States, plus in form in most, if you don't all, the says), a conveyance of real estate or some interest therein, defeasible upon the repayment of income or perhaps the overall performance of another condition.
    • because of the legislation on most regarding the united states of america, a lien or cost upon specific residential property, genuine or individual, produced by just what purports is an express transfer of name, with or without possession, but associated with a condition which the transfer shall be void if in because of time the cash be paid and/or thing done to secure that the transfer is given.
    • circumstances or problem resembling that mortgaged property.
    • a conditional conveyance of residential property as protection for the payment of a loan
  • verb-transitive:
    • To pledge or communicate (property) in the shape of a mortgage.
    • to help make at the mercy of a claim or danger; pledge against a doubtful result: mortgaged their political professions if you take an unpopular stand.
    • To grant or communicate, as property, the safety of a debt, or any other engagement, upon a condition that if financial obligation or wedding will be discharged based on the contract, the conveyance will be void, usually to be absolute, subject, but to the right of redemption.
    • Hence: To pledge, either literally or figuratively; which will make at the mercy of a claim or obligation.
  • verb:
    • like in "to mortgage a property", to borrow on home, to acquire financing for the next purpose by providing away the proper of seizure to the lender over a hard and fast home such as for example a house or piece of land.
    • post as safety or collateral
  • others:
    • To give (land, homes, or other immovable home) as safety for cash lent or contracted is compensated, or any other responsibility, on condition that if the obligation will be discharged in accordance with the contract the grant will be void, usually it shall stay static in full force. See home loan, n., 1.
    • To pledge; make liable; put to pledge; make liable for the repayment of every debt or expenditure; invest a posture like being pledged.

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