How it works
You're taking out a mortgage on your house, or maybe you're lending someone money and want some security on the loan. Either way, a Mortgage Deed helps you protect your legal rights and responsibilities. You'll want to get it signed before money changes hands. With a deed in place, both parties get a sense of security regarding the terms of the arrangement.
If you're a borrower, a Mortgage Deed allows you to put up your property as collateral in exchange for a loan. It gives the lender an interest in the property as a guarantee of the debt, with rights to the property until the mortgage amount is completely paid off. Once the debt is repaid, all rights revert to the borrower. With a Mortgage Deed, you can outline the terms and conditions of the loan, and come up with a termination plan. You'll want to include details like: the property's physical address and a legal description; the mortgage amount; when the deed goes into effect; whether the lender, the borrower, or a third party is creating the document; whether the parties are individuals, married couples, businesses, or trusts; the contact information of both parties; and where each party will sign the deed. Once you've gotten the document signed by both parties, file it at the county recorder's office.
Other names for this document: Mortgage Deed Form
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