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A mortgage is a fundamental financial tool, particularly in the context of business and property financing. It involves the transfer of an interest in specific immovable property to a lender as security for a loan or an existing debt. Understanding the intricacies of mortgages, including their various forms and the rights of both the borrower (mortgagor) and lender (mortgagee), is crucial for anyone engaging in property-backed financing.

What is a Mortgage?

A mortgage is a legal agreement where an interest in specific immovable property is transferred to a lender as security for a loan. This security ensures the payment of money advanced, an existing or future debt, or the fulfillment of an obligation that could result in a financial liability.

The individual or entity granting the mortgage (the borrower) is known as the mortgagor, while the lender receiving the interest is called