HomeLaw of PropertyRights and Liabilities of...

Rights and Liabilities of Mortgagor

The mortgagor is the borrower who pledges their property as security for a loan. The mortgagor has certain rights and liabilities in a mortgage transaction. Below are some of the key rights and liabilities of a mortgagor:

Rights of the Mortgagor

  1. Right to redeem: The mortgagor has the right to redeem the property by paying off the loan in full, along with any interest and costs, at any time before the foreclosure sale takes place.
  2. Right to get possession: The mortgagor has the right to get possession of the property once the mortgage is fully paid off.
  3. Right to inspect the property: The mortgagor has the right to inspect the property and ensure that the property is maintained in good condition.

Liabilities of the Mortgagor

  1. Liability to pay the loan: The mortgagor is liable to repay the loan as per the terms of the mortgage agreement.
  2. Liability for any damage to the property: The mortgagor is liable for any damage caused to the property while it is under their possession.
  3. Liability for taxes: The mortgagor is liable for paying all taxes related to the property, including property taxes and other levies.
  4. Liability for insurance: The mortgagor is liable to maintain adequate insurance on the property to protect the interests of the lender.

- A word from our sponsors -

Most Popular

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More from Author

Understanding the Latest Amendments in Indian Law: What Legal Professionals Need to Know in 2024

Introduction: The Dynamic Nature of Indian Law Indian law is constantly evolving...

Navigating Economic Challenges: Cost Management Strategies for Law Firms in 2024

Introduction: Economic Pressures on Legal Practices The legal industry is not immune...

Embracing Technology in Legal Practice: Top Tools and Trends for 2024

Introduction: The Importance of Technology in Modern Law The legal profession is...

Exploring Alternative Legal Careers: Non-Traditional Paths for Indian Law Graduates

Introduction: The Scope of Legal Careers Beyond Traditional Practice The legal field...

- A word from our sponsors -

Read Now

Understanding the Latest Amendments in Indian Law: What Legal Professionals Need to Know in 2024

Introduction: The Dynamic Nature of Indian Law Indian law is constantly evolving to address new challenges, societal changes, and advancements in various sectors. For legal professionals, staying updated with the latest amendments is crucial to providing accurate legal advice and maintaining compliance. This guide outlines key amendments in...

Navigating Economic Challenges: Cost Management Strategies for Law Firms in 2024

Introduction: Economic Pressures on Legal Practices The legal industry is not immune to economic fluctuations and pressures. Law firms, regardless of their size, must navigate rising costs, changing client expectations, and competitive pressures. Effective cost management is essential for maintaining profitability and ensuring long-term sustainability. This guide explores...

Embracing Technology in Legal Practice: Top Tools and Trends for 2024

Introduction: The Importance of Technology in Modern Law The legal profession is increasingly leveraging technology to enhance efficiency, improve client service, and streamline operations. As we move into 2024, staying updated with technological advancements is crucial for law firms and legal practitioners to remain competitive and provide high-quality...

Exploring Alternative Legal Careers: Non-Traditional Paths for Indian Law Graduates

Introduction: The Scope of Legal Careers Beyond Traditional Practice The legal field offers a wealth of opportunities beyond the traditional roles of litigators and judges. For Indian law graduates, exploring non-traditional legal careers can lead to fulfilling and dynamic professional paths. This guide delves into various alternative legal...

Surviving and Thriving in Your First Year of Litigation: A Guide for New Lawyers

Introduction: The Realities of a Career in Litigation Entering the field of litigation is both exciting and challenging. The first year is often the most demanding, as new lawyers must quickly adapt to the fast-paced and high-stakes environment of the courtroom. This guide aims to help new litigators...

Transitioning from Law School to Legal Practice: Tips for New Graduates in 2024

Introduction: The Challenges of Starting a Legal Career Graduating from law school marks a significant achievement, but it also signals the beginning of a new set of challenges. Transitioning from the academic environment to the professional world of legal practice can be daunting. This guide aims to provide...

Essential Skills Every Indian Law Student Should Master in 2024

Introduction: The Evolving Legal Landscape The legal profession is undergoing rapid changes with advancements in technology, evolving legal frameworks, and increased globalization. For Indian law students, mastering essential skills is crucial to navigating this dynamic landscape and excelling in their careers. This guide highlights the key skills every...

Maximizing Law Internship Opportunities in India: A Comprehensive Guide

Introduction: Importance of Internships for Law Students Internships are a critical component of legal education. They provide hands-on experience, exposure to real-world legal issues, and an opportunity to apply theoretical knowledge. Internships help law students build practical skills, understand the workings of the legal system, and make valuable...

Top Strategies for Cracking CLAT and AILET in 2024: Expert Tips and Resources

Introduction: Importance of CLAT and AILET Exams The Common Law Admission Test (CLAT) and the All India Law Entrance Test (AILET) are the gateway to India’s premier law schools. Cracking these exams opens doors to prestigious National Law Universities (NLUs) and a successful legal career. This blog provides...

Constitution, Powers and Jurisdiction of National Company Law Tribunal

The National Company Law Tribunal (NCLT) is a quasi-judicial body established under the Companies Act, 2013, in India. It primarily deals with matters related to company law, corporate governance, insolvency, and liquidation. Constitution of NCLT Composition: The NCLT is composed of judicial and technical members who are appointed by...

Memorandum of Association and Articles of Association

The Memorandum of Association (MOA) and Articles of Association (AOA) are two vital documents that govern the internal and external affairs of a company. These documents are a fundamental part of a company's constitution and provide a framework for its operations. Memorandum of Association (MOA) Purpose: The MOA defines...

Alteration of Memorandum of Association and Articles of Association

The Memorandum of Association (MOA) and Articles of Association (AOA) are two important documents that govern a company's internal and external affairs in India. Both can be altered, but the procedure and scope of alteration are different. Alteration of Memorandum of Association (MOA) The MOA outlines the company's objectives...