Real Estate & Mortgages
Real Estate is generally thought to be “immovable property” such as land, buildings, trees, plants and others that “adhere to the soil.” The right of ownership over real estate includes four integral components: (1) the right to use and enjoy the property (2) the right to dispose of the property via sale, lease, mortgage or exchange with another property (3) the right to exclude others from the possession of said property and (4) the right to recover the property from anyone who has wrongfully taken possession of it.
A mortgage is coupled with real estate and is a loan. It is in writing securing property owned by the borrower by the lender. In essence, this agreement allows the lender to force a sale of the borrower’s property if he/she fails to repay the borrowed money in the amounts and times specified.