Hi friends,
Can anyone explain the difference between Registered mortgage and Registered memorandum of entry.
A registered mortgage is a transaction whereby the borrower executes a formal written instrument that can be construed as a conveyance of their interest in land as security for a loan. The written instrument isrecorded in the land records as a conveyance or a lien against the land. If the loan is not repaid, the lender can take possession of the land. If the loan is repaid, the rights granted to the lender under the mortgage are extinguished and the lender must release their interest to clear the title to the land. In many jurisdictions this is simply referred to as a mortgage or a deed of trust.
When a borrower purchases a new mortgage, the debt is registered with the local government by the closing agent to record a legal debt. This lists the debt on the deed to the property. This means that the debt must be paid in full or released by the lender before the property can be transferred.Registered memorandum
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