Article (5) specifies that a Mortgagor must be the Owner of the property and possess the legal capacity to dispose of it. The mortgaged property must either physically exist or legally exist as an off-plan unit at the time the contract is concluded.…
Article (5) specifies that a Mortgagor must be the Owner of the property and possess the legal capacity to dispose of it. The mortgaged property must either physically exist or legally exist as an off-plan unit at the time the contract is concluded. Additionally, a mortgage can only be created on units that are subject to valid transactions. These rules ensure that the person granting the security interest has the unquestionable legal right to do so.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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