Asked by
Manleen Parmar
on Nov 28, 2024
Verified
Because a mortgage involves a transfer of real property, it need not be in writing.
Mortgage
A legal agreement by which a bank, building society, etc. lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of title becomes void upon the payment of the debt.
Real Property
Land, buildings, and anything permanently attached to them, recognized as real estate or immovable property.
- Familiarize oneself with the underlying notions and legal stipulations of mortgages, particularly the necessity of having agreements in writing.
Verified Answer
SA
Learning Objectives
- Familiarize oneself with the underlying notions and legal stipulations of mortgages, particularly the necessity of having agreements in writing.