The Law Dictionary for Everyone
The term “encumbrance” is used to describe a burden on a property that can reduce the value of the property. As an example, an encumbrance can be a mortgage. If someone owes $100,000 to the bank in the form of a mortgage, then he must pay the bank back that money upon selling the house, which reduces the amount of […]
Read moreA mortgagee is either a bank or an individual that lends money to a borrower, for the purpose of purchasing or refinancing a home or other real property. By placing a mortgage on the property, the lender ensures that it will receive repayment for the money lent. If those payments are not made by the mortgagor (the borrower), the lender […]
Read moreA mortgage is security for a loan that is given to a borrower who needs the money to purchase or refinance a home. The mortgagor is the borrower who makes payments to the lender, in return for the lender lending him the money. The mortgage is not the act of loaning the money to the borrower, but is the security […]
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