Article (10) permits a mortgagor to sell or donate a mortgaged unit only if they obtain the Mortgagee's approval. The purchaser must also agree to take over all obligations of the mortgagor under the original contract. The bank may even stipulate th…
Article (10) permits a mortgagor to sell or donate a mortgaged unit only if they obtain the Mortgagee's approval. The purchaser must also agree to take over all obligations of the mortgagor under the original contract. The bank may even stipulate that the original owner and the new buyer are jointly liable for the debt. This ensures that the lender's security interest is not compromised when ownership of the underlying asset changes hands.
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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