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Samir N (General Queries) (Business)     30 August 2014

Mou registration suffice 4 loan collateralized by property

I want to loan some monies to a relative who is offering a property as collateral. We had an advocate draft a MOU which expressly states that the relative is depositing title deeds (Sale Deeds) as security towards the loan. Another advocate suggested that I register the Mortgage Deed but that involves stamp duty.  Question: Is the MOU along with the title deeds in my possesion sufficient to recover from the collateral property in the event of a default? 



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