Executing a Mortgage It’s a legal document that gives your lender the right to take your property without your permission if you don’t make your loan payments. When you execute it, which is a legal term that means “sign,” you formally hand that right to your lender.

The right to foreclosure can be exercised by mortgagee only when: The debt amount has become due for payment. There are no contrary conditions in the mortgage deed as to the time fixed for repayment etc. Mortgage money has become due but mortgagor has not got a decree of redemption of the mortgaged property.

The right of foreclosure is a right available to a mortgagee to recover his outstanding money. Mortgage is a transfer of interest in a property to secure payment of money advanced. A mortgagee advances money to the mortgagor. The mortgagor provides some property as security to the mortgagee.

Foreclosure

A mortgagee can take possession of mortgaged property in case of default. Under the Transfer of Property Act, if there is default in payment of mortgage money, the mortgagee can take possession of mortgaged property and sell it without intervention of a Court only in case of English mortgage.

A mortgagee has a right to sue for the mortgage money in these cases: Where the mortgagor binds himself to repay. _ Where the mortgaged property is wholly or partially destroyed or the security is rendered insufficient.

A mortgage is a temporary transfer of property in order to secure a loan of money. The person who owns the land is the ‘mortgagor’. The person lending the money is the ‘mortgagee’.

The suggested amendment to Section 69 of the Transfer of Property Act, 1882 will result in enforcement of mortgage security by the mortgagee without resort to court proceedings and will, to some extent, disburden the courts from the current scenario of docket explosion so that the other cases can be adjudicated as …

The mortgaged property can be transferred/inherited only with the written consent of the lender. This means that if a person passes away while the home loan was still running on the property that has to be bequeathed, the beneficiary (spouse, or children of the deceased) will have to pay the outstanding loan.

Section 58 (a) of the TRANSFER OF PROPERTY ACT, 1882, defines mortgage as, “A mortgage is the transfer of an interest in specific immovable property for the purpose of securing the payment of money advanced or to be advanced by way of loan, an existing or future debt, or the performance of an engagement which may give …

A home owner can sell his mortgaged property based on mutual agreement with the buyer and enter into an agreement for sale. When the seller pays off the outstanding dues, an NOC is issued by the bank to certify that there are no outstanding home loan dues to be paid and the original documents are released.

According to the Act, in a usufructuary mortgage, the borrower gives possession of the mortgaged property to the lender, and authorises him to retain such possession until payment of the mortgage money. The title deed of the property, on the other hand, remains in possession of the borrower.

1) Vested interest is not affected by the rule because once the interest are vested it cannot be bad for remoteness. 2) The rule is not applicable to land purchased or held by Corporation. 3) Gift to charities, the rule does not apply to transfer for the benefit of public for religious, pious, or charitable purposes.

six types

Stipends related to Military, Naval, Air Forces, Civil Prisoners, government pensions, etc are personal rights and cannot be transferred. General rule of Transfer of Property is that property of any kind can be transferred from one person to another.

—Where any person contracts to transfer for consideration any immoveable property by writing signed by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable certainty, and the transferee has, in part performance of the contract, taken possession of the …

Right of re-entry cannot be transferred to anyone except the owner of the property affected thereby. An easement cannot be transferred apart from the dominant heritage. A right to future maintenance in any manner arising, secured or determined, cannot be transferred.

Section 54 in The Transfer of Property Act, 1882. 54. “Sale” defined. —”Sale” is a transfer of ownership in exchange for a price paid or promised or part-paid and part-promised.

The most common way of property transfer is through a sale deed. A person sells a property to another person, and then a sale deed is executed between the two parties. Once the sale deed is enlisted in sub-registrar office, the ownership gets transferred to the new owner.

Making a Will helps ensure one’s property devolves as wished and the right heirs receive their fair shares. Under the Indian Succession Act 1925, a Will is a legal declaration of the intention of the testator, with respect to his property which he desires to be carried into effect after his death.

Constructive Notice. Therefore Constructive notice is knowledge of those facts which a court imputes on a person. If the circumstances indicate that a reasonably prudent person ought to have known a particular fact related to the transaction of transfer, then he will be deemed to know it.

Another example of constructive notice is the recording in county registries of deeds, mortgages, liens, divorce papers, and other kinds of documents that are considered public information. …

With actual notice in real estate, the notice has to be direct. With constructive notice, the notice does not have to be direct. Notice simply has to be published and available for the public to review. It is up to the public to review the information that is available.

Under the doctrine of notice, a bona fide purchaser of a legal estate for value takes priority over any pre-existing equitable interest which is not registrable as a land charge, provided they did not have actual, constructive or imputed notice of their existence.

Rights in property can be transferred only on execution and registration of a sale deed in favour of the buyer. A conveyance deed is executed to transfer title from one person to another. Generally, an owner can transfer his property unless there is a legal restriction barring such transfer.

The Act contemplates the following kinds of transfers: (1) Sale, (2) Mortgage, (3) Lease (4) Exchange, and (5) Gift. Sale is an out-and-out transfer of property. In mortgage, there is a transfer of limited interest in property.

Property of any kind may be transferred, except as otherwise provided by this act or even by any other law for time being in force, and these exceptions will be discussed in detail in the following sub-sections.

eighteen years

And thus, the correct answer to this question would be ‘Will’ that is option ‘A. ‘ And the reason is that the other elements are included in the Transfer of Property Act whereas a ‘will’ is not yet a part of the act. “”