Friday, 15 July 2016

ADVANTAGES OF LEGAL MORTGAGE


1) It is easier to enforce a legal mortgage. The equitable mortgagee must obtain a court order before he can sell or take possession of the property or foreclose or appoint a receiver/manager.
Advantage of Legal Mortgage with Lagos Property Lawyer
Credit - llbindia.com

2) A legal mortgagee without notice of the equitable mortgage takes priority over the equitable mortgagee

3) It is easier to commit fraud in the case of equitable mortgage than in legal mortgage; the borrower who has deposited the original title deeds with a bank may obtain a certified true copy of the Deed from the Registry for other fraudulent purposes.

To be continued with CREATION OF SUCCESSIVE LEGAL MORTGAGES USING THE SAME PROPERTY AS SECURITY

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1 comment:

  1. Mortgage Intelligence-Oshawa28 June 2020 at 20:46

    It might be difficult getting your home loan approved if you try to do it yourself. On the other hand, getting a mortgage through a broker might be easy. So when you need a mortgage loan, you should hire a mortgage broker. He will manage all the paper works that you need to do. Best Mortgage Brokers Oshawa

    ReplyDelete

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