commit 1e6b08ef43462dd6ecbe1a9c513a6bd3a5f74c66 Author: cara34b1338190 Date: Sat Nov 29 18:33:41 2025 +0000 Add The Official Mortgage diff --git a/The-Official-Mortgage.md b/The-Official-Mortgage.md new file mode 100644 index 0000000..7be0911 --- /dev/null +++ b/The-Official-Mortgage.md @@ -0,0 +1,41 @@ +
The main mortgage is a contract where the financial institution obtains a residential or commercial property devoted to the fulfillment of his or her debt in kind, whereby he or she may apply to common financial institutions and the following financial institutions in order to obtain the right of the price of that residential or commercial property in any hand.
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The home loan is a contract concluded between the mortgagor and the mortgagee financial institution which grants the mortgagee right in rapid eye movement in the residential or commercial property, with all advantages and genuine security over the home mortgage item. Additionally, the mortgagor can follow the mortgaged residential or commercial property if it is moved to a third party. The mortgagor maintains ownership and belongings of the mortgaged residential or commercial property but is limited in their disposal rights to ensure the mortgagee's interests are protected.
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The difference in between the main mortgage and the possessory mortgage
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The main home loan is created through an official contract, that need to be notarized in a notary public workplace.
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While the right of possessory home loan is developed through informal contract. Whereas the ownership and possession of the mortgaged residential or commercial property in the official mortgage right remains in the hand of the owner (debtor), and the belongings in the possessory home loan is moved to the lender.
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The official home loan is limited to property, while the possessory home mortgage can cover both realties and movable residential or commercial properties.
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The obligations of the mortgagor and the mortgagee lender in the main home mortgage
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The Egyptian Civil Law No. 131 of 1948 and its modifications regulate the commitments of the mortgagor and mortgagee in Chapter Two as follows:
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The Mortgager's commitments:
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The mortgagor is obligated to deliver the mortgaged residential or commercial property to the financial institution or to a designated representative chosen by both Parties in the contract.
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The legal requirement for a seller to deliver a sold item will be applied to the mortgagor's duty to deliver the mortgage product to the mortgagee. +If the mortgaged residential or commercial property is gone back to the mortgager's ownership, the home loan will be ended, unless the mortgagee proves that the residential or commercial property has been returned for a reason not intended to expire the mortgage.
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The mortgagor ensures the stability and enforceability of the mortgage, and the mortgagor shall not take any action that decreases the value of the mortgage or hampers the financial institution's workout of his rights under the contract. In case of urgency, the mortgagee creditor might take all required steps at the mortgager's expense, to protect the home mortgage product. The mortgagor shall be liable for the loss or damage of the mortgage item if such loss or damage is due to his fault or occurs from force majeure act.
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The arrangements of Articles No. 1048 and No. 1049 regarding the loss or damage of the mortgaged residential or commercial property under a main home mortgage, and the transfer of the financial institution's right from the home mortgage item to any replaced rights will apply to the possessory mortgage.
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The Mortgagee's responsibility:
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Upon receiving the mortgaged residential or commercial property, the mortgagee is obliged to work out the same level of care and maintenance in its preservation as would a prudent individual. and he is liable for the loss or damage of the home mortgage item unless it is proven that such loss or damage was caused by an external factor beyond his control.
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The mortgagee is not allowed to derive any gain from the home mortgage product without payment, he must invest it totally unless otherwise agreed Any net earnings or benefit obtained by the financial institution from using the home loan product will be deducted from the amount protected by the home mortgage, even if the due date has not yet come, provided that the reduction will be made from the expense of preserving and repairing the residential or [commercial property](https://buyukproperty.uk) and its repairs, then from expenditures and interest, and after that from the principal of the debt.
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If the home loan product produces revenue and the parties agree that all or part of the profits will be used to offset the interest, in, this arrangement shall stand within the optimum limitations of lawfully acceptable contractual interest.
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The mortgagee shall assume the management of the mortgaged residential or commercial property, and he needs to work out because the care of a prudent individual. The [mortgagee](https://garenland.com) can not modify the home mortgage product's usage without the mortgager's approval. He should immediately alert the mortgagor of any matter requiring his intervention.
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If the mortgagee abuses this right, mis-manages the residential or commercial property, or dedicates gross carelessness, the mortgagor has the right to request that the item be placed under custody or to recover it upon payment of the outstanding debt. if the quantity secured by the home loan does not bear interest and has not yet ended up being due, the mortgagee is [entitled](https://nayeghar.com) just to remaining amount after deducting the worth of interest determined at the legal rate for the duration between the day of payment and the due date of the financial obligation.
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The mortgagee will return the mortgaged item to the mortgagor after the mortgagor has actually fully released their obligation consisting of all expenses and payment associated to the right.
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Effects of the official home mortgage in the Egyptian law
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The result of the mortgage between the contracting parties:
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Firstly: The mortgager:
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The mortgagor may deal with the mortgaged residential or commercial property as long as such actions do not impair the mortgagee's right.
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The mortgagor keeps the right to handle the mortgaged residential or commercial property and to gather its returns and leases given by the mortgagor are not enforceable against the mortgagee unless it was notarized before the registration of the expropriation notification.
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However, if the lease was not notarized in this way, or it was concluded after notarizing the notice and the rent was not paid ahead of time, so it will not work unless it can be thought about part of the excellent management work. If the lease term prior to notarizing the mortgage notification surpasses nine years, it will not be effective versus the mortgagee financial institution other than for a duration of 9 years only unless it was signed up before the home mortgage was signed up.
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The mortgagor is responsible for [guaranteeing](https://thad.qlogictechnologies.com) the security of the home mortgage residential or commercial property. The mortgagee lender can object to any actions or neglect by the mortgagor that might significantly decrease the worth or safety of the residential or commercial property, and in urgent cases the mortgagee might take essential protective steps and look for compensation from the mortgagor, from any expenditures sustained.
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If the mortgagor negligently causes the destruction or damage of the mortgaged residential or commercial property, the mortgagee creditor has the option to require adequate insurance to cover the loss or to instantly gather the complete impressive debt.
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When the damage or damage to the mortgaged residential or commercial property is brought on by an external factor and the mortgagee declines to accept the financial obligation without insurance, the mortgagor has the option to provide sufficient insurance or settle the debt instantly before the due date. If the financial obligation has no interest, the mortgagee is only entitled to the principal amount without legal interest for the duration between the real payment date and the original due date.
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Secondly: The mortgagee lender:
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A third-party mortgagor's individual properties are exempt from seizure for the debtor's debt. The mortgagor can not substitute payments for the debtor unless agreed upon.
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Upon [notifying](https://www.pakproperty.ca) the debtor of the arrearage, the [mortgagee](https://www.horizonsrealtycr.com) can foreclose on the mortgaged residential or commercial property and demands its sale in accordance with the procedures and timelines stated in code of Civil Procedures. If the mortgagor is a 3rd party aside from the debtor, he can avoid any foreclosure procedures by voluntarily surrendering the mortgaged residential or [commercial](https://millerltr.com) property according to the treatments and rules governing residential or commercial property surrender.
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Any arrangement that approves the mortgagee the right to take ownership of the [mortgaged residential](https://jnnestate.com) or commercial property at an established price upon financial obligation default or to offer it without following the lawfully mandated treatments is void, even if entered into after the home mortgage contract. However, after the debt or a part of it has matured, the debtor and mortgagee can concur that the debtor will move the mortgaged residential or commercial property to the mortgagee in satisfaction of his financial obligation.
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The [official](https://parvanicommercialgroup.com) home loan and its effect to the 3rd party:
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A [main mortgage](https://peterrealestatebroker.com) is just [enforceable versus](https://www.littlelakeretreat.com) third parties if the mortgage agreement or judgment developing the mortgage is registered before the 3rd party gets a right in rapid eye movement in the residential or commercial property. This is without bias to the provisions of insolvency laws.
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Additionally, 3rd parties can not assert claims based on an unregistered safe right, the substitution of one creditor for another in this right, or the project of registration concern to another financial institution unless such actions are kept in mind in the margin of the original registration.
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The procedures for registration, renewal, cancellation, and cancellation an official home loan, in addition to the impacts thereof, are governed by the arrangements of the Real Estate Registration Law. The costs of registration, renewal, and cancellation of an official mortgage are borne by the mortgagor unless otherwise concurred upon.
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The termination of the official home mortgage:
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A [main mortgage](https://mstarproperty.com) terminates upon the satisfaction of the protected debt or the nullification of the underlying cause for the debt. However, any authentic rights acquired by third parties during the period between the mortgage's expiration and its potential reinstatement stay untouched.
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If foreclosure procedures are completed, the main home [mortgage](https://www.welcometotangercity.com) is definitively snuffed out, even if the residential or commercial property hands. When the mortgaged residential or commercial property is sold through a forced auction, the mortgage rights expire upon the deposit of the auction continues or their payment to qualified registered financial institutions.
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