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mortgage legal definition of mortgage : A legal document by which the owner (i.e., the buyer) transfers to the lender an interest in real estate to secure the repayment of a debt, evidenced by a mortgage note. When the debt is repaid, the mortgage is discharged, and a satisfaction of mortgage is recorded with the register or recorder of deeds in the county where the mortgage was ...Mortgage definition is - a conveyance of or lien against property (as for securing a loan) that becomes void upon payment or performance according to stipulated terms. How to use mortgage in a sentence.Definition of LEGAL MORTGAGE: Applied lawful lien by the mortgagor in exchange for obligation discharge or debt repayment. The Law Dictionary Featuring Black's Law Dictionary Free Online Legal Dictionary 2nd Ed.An alternative form, provided for by Section 851 of the Law of Property Act 1925, is a charge by deed expressed to be by way of legal mortgage. Since the Law of Property (Miscellaneous Provisions) Act 1989, the creation of an equitable mortgage requires to be in writing and can, it would seem, no longer be effected merely by deposit of title deeds.Define mortgage. mortgage synonyms, mortgage pronunciation, mortgage translation, English dictionary definition of mortgage. n. 1. A loan for the purchase of real property, secured by a lien on the property. 2. The document specifying the terms and conditions of the repayment of...Definition of mortgage - a legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's proA mortgagor may sell the property either "subject to a mortgage" in which the property is still security and the seller is still liable for payment, or the buyer "assumes the mortgage" and becomes personally responsible for payment of the loan. Under English common law a mortgage was an actual transfer of title to the lender, with the borrower ...Definition of mortgage: A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan. The lender's security ...Mortgage Law and Legal Definition A Mortgage is a pledge of real property to a creditor as security for the repayment of a debt involving the property. For example, if you have borrowed money to purchase a house, the entity you’ve borrowed the money from can take ownership of the home should you default on payments.Leasehold Mortgage Law and Legal Definition. Leasehold Mortgage is a mortgage secured by a lessee's leasehold interest. Often, this type of mortgage is helpful in providing the resources needed to erect a building or series of buildings on the leased land. For the most part, the lease on the land must be for a number of years before a lender ...
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