Rights Of A Mortgagor All That You Need To Know About Mortgages

Rights Of A Mortgagor All That You Need To Know About Mortgages 1

Rights of​ a​ mortgagor – All that you​ need to​ know about mortgages!
Rights of​ a​ Mortgagor!
The transfer of​ Property Act confers certain rights to​ a​ mortgagor .​
The mortgagor has these rights after payment of​ the​ mortgage money to​ the​ mortgagee .​
A mortgagee should deliver the​ mortgage deed and all documents relating to​ the​ mortgaged property which are in​ his possession to​ the​ mortgagor .​
In case the​ mortgagee is​ in​ possession of​ the​ mortgaged property,​ he is​ liable to​ deliver possession to​ the​ mortgagor.
The mortgagee is​ also liable to​ re-transfer the​ mortgaged property to​ the​ mortgagor or​ to​ any other third person as​ he may direct .​
He may also have to​ execute and have registered an​ acknowledgement in​ writing that his rights in​ the​ property have been extinguished .​
This right is​ called right to​ redeem .​
In case of​ any violation,​ the​ mortgagor may file a​ suit to​ enforce it .​
This is​ called a​ suit for redemption .​
Generally,​ a​ person interested in​ a​ share only of​ a​ mortgaged property cannot ask redeem that share only,​ on​ payment of​ a​ proportionate part of​ the​ amount remaining due
on the​ mortgage .​
a​ mortgagor is​ entitled to​ redemption only on​ the​ fulfilment of​ conditions agreed with the​ mortgagee .​
The mortgagor may require that,​ instead of​ re-transferring the​ property to​ himself,​ the​ mortgagee assigns the​ mortgage debt and transfers the​ mortgaged property to​ a​ third person as​ the​ mortgagor may direct .​
The mortgagee is​ bound to​ assign and transfer accordingly.
A mortgagor who has executed two or​ more mortgages in​ favour of​ the​ same mortgagee should,​ when the​ principal money of​ any two or​ more of​ the​ mortgages has become due,​ be entitled to​ redeem any one mortgage separately .​
Where the​ mortgaged property in​ possession of​ the​ mortgagee has,​ during the​ continuance of​ the​ mortgage,​ received any accession,​ the​ mortgagor,​ upon redemption,​ is​ entitled to​ such accession .​
Where a​ mortgaged property in​ possession of​ a​ mortgagee has been improved during the​ continuance of​ the​ mortgage,​ the​ mortgagor is​ entitled to​ the​ improvement .​
The mortgagor is​ not liable to​ pay the​ cost of​ the​ improvement .​
In case where any such improvement was effected at​ the​ cost of​ the​ mortgagee and was necessary to​ preserve the​ property from destruction or​ deterioration,​ or​ was necessary for its security,​ the​ mortgagor is​ liable to​ pay the​ cost.
These rights may be enforced by the​ mortgagor or​ by any encumbrancer .​
In case there are multiple encumbrances for the​ same property,​ the​ requisition of​ a​ prior encumbrancer will prevail over that of​ a​ subsequent encumbrancer.
A mortgagor is​ entitled to​ inspect and make copies or​ abstracts of​ documents of​ title relating to​ the​ mortgaged property which are in​ the​ custody or​ power of​ the​ mortgagee .​
The mortgagor will have to​ bear the​ costs .​
In case the​ mortgaged property is​ on​ a​ lease and the​ mortgagee obtains a​ renewal of​ the​ lease,​ the​ mortgagor,​ upon redemption,​ will have the​ benefit of​ the​ new lease.

Rights Of A Mortgagor All That You Need To Know About Mortgages

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