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    What are the rules for selling a mortgaged property?

    Ali Faizan Syed1 min read0 viewsUpdated 1/2/2026
    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.

    Related Topics:

    Selling Mortgaged Property
    Mortgagee Approval
    Joint Liability
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