Amit D 06 November 2024
I have a transaction under dispute where my advocate, at that time, labeled the document as Declaration of Mortgage and not as Deed of Mortgage. Is the term "Deed of Mortgage" used in any Act? If the same terms and conditions are put in a document that is labeled differently, for example, as "Declaration of Mortgage," would that make a difference? By new advocate says that my old advocate made a big mistake by putting the title Declaration of Mortgage on the document.
Please comment.
T. Kalaiselvan, Advocate (Advocate) 06 November 2024
A declaration deed is a document that contains information about a property, including details about the mortgage, the value of the property, and how the mortgage will be paid. A declaration deed can be customized to meet specific needs.
A mortgage deed is a legal document that outlines the terms and conditions of a mortgage agreement between a borrower and a lender. It's created when a borrower uses their property as collateral for a loan. The mortgage deed establishes the rights and obligations of the parties involved, and protects the lender if the borrower defaults on the loan. The deed also transfers interest in the property from the borrower to the lender.
Amit D 06 November 2024
What if all the terms and conditions of a Mortage Deed are in a Declaration of Mortgage? Meaning that the label of the document is Declaration of Mortgage but the content is that of a Deed of Mortgage. Is it treated like a Deed of Mortgage?
What about Registration? Is it dependent on what title is assigned to the document?
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