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 <br>The official mortgage is a contract whereby the financial institution obtains a residential or commercial property dedicated to the [satisfaction](https://www.part-realtor.ae) of his/her debt in kind, where he or she may apply to normal lenders and the following creditors in order to obtain the right of the rate of that residential or commercial property in any hand.<br>[reference.com](https://www.reference.com/world-view/mean-ladybug-lands-5afc7c5472c8f72f?ad=dirN&qo=serpIndex&o=740005&origq=land)
 <br>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 real security over the home loan item. Additionally, the mortgagor has the right to follow the mortgaged residential or [commercial](https://leasingangels.net) property if it is transferred to a 3rd party. The mortgagor retains ownership and ownership of the mortgaged residential or commercial property however is restricted in their disposal rights to make sure the mortgagee's interests are secured.<br>
 <br>The difference in between the main mortgage and the possessory home loan<br>
 <br>The main home loan is created through an official contract, that should be notarized in a [notary public](https://ethio-realestate.com) office.<br>
 <br>While the right of possessory home loan is produced through informal contract. Whereas the ownership and possession of the mortgaged residential or commercial property in the official home mortgage right stays in the hand of the owner (debtor), and the belongings in the possessory home loan is moved to the financial institution.<br>
 <br>The main home mortgage is limited to property, while the possessory mortgage can cover both real estates and movable residential or commercial properties.<br>
 <br>The responsibilities of the mortgagor and the mortgagee financial institution in the official home loan<br>
 <br>The Egyptian Civil Law No. 131 of 1948 and its amendments manage the obligations of the mortgagor and mortgagee in Chapter Two as follows:<br>
 <br>The Mortgager's responsibilities:<br>
 <br>The mortgagor is bound to provide the mortgaged residential or commercial property to the creditor or to a designated representative selected by both Parties in the contract.<br>
 <br>The legal requirement for a seller to provide an offered product will be used to the mortgagor's obligation to provide the home mortgage item to the mortgagee.
 If the mortgaged residential or commercial property is returned to the mortgager's possession, the home loan will be ended, unless the mortgagee shows that the [residential](https://ninestarproperties.ae) or commercial property has been returned for a factor not planned to end the mortgage.<br>
 <br>The mortgagor guarantees the integrity and enforceability of the home loan, and the mortgagor shall not take any action that diminishes the worth of the home mortgage or hinders the financial institution's [workout](https://dejavurealestate.com) of his rights under the contract. In case of urgency, the mortgagee creditor might take all necessary measures at the mortgager's expense, to preserve the home loan item. The mortgagor shall be responsible for the loss or damage of the mortgage product if such loss or damage is due to his fault or occurs from force majeure act.<br>
 <br>The provisions 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 lender's right from the home loan product to any substituted rights shall use to the possessory home loan.<br>
 <br>The Mortgagee's responsibility:<br>
 <br>Upon receiving the mortgaged residential or commercial property, the mortgagee is bound to work out the same level of care and maintenance in its conservation as would a prudent person. and he is responsible for the loss or damage of the home loan product unless it is shown that such loss or damage was caused by an external factor beyond his control.<br>
 <br>The mortgagee is not allowed to derive any benefit from the mortgage product without payment, he should invest it fully unless otherwise agreed Any net earnings or benefit derived by the creditor from making use of the home loan product shall be subtracted from the amount protected by the home mortgage, even if the due date has not yet come, supplied that the deduction will be made from the expense of preserving and fixing the residential or commercial property and its repairs, then from expenditures and interest, and then from the principal of the debt.<br>
 <br>If the home loan item produces profits and the celebrations concur that all or part of the income will be utilized to balance out the interest, in, this contract shall be valid within the maximum limitations of lawfully allowable contractual interest.<br>
 <br>The mortgagee shall assume the management of the mortgaged residential or commercial property, and he needs to exercise because the care of a sensible individual. The mortgagee can not customize the mortgage product's use without the mortgager's approval. He needs to promptly notify the mortgagor of any matter needing his intervention.<br>
 <br>If the mortgagee abuses this right, mis-manages the residential or commercial property, or devotes gross neglect, the mortgagor can request that the item be placed under custody or to reclaim it upon payment of the exceptional financial obligation. if the amount secured by the mortgage does not bear interest and has actually not yet become due, the mortgagee is entitled just to remaining amount after deducting the value of interest determined at the legal rate for the duration in between the day of payment and the due date of the debt.<br>
 <br>The mortgagee will return the mortgaged product to the mortgagor after the mortgagor has completely discharged their obligation consisting of all expenses and compensation associated to the right.<br>
 <br>Effects of the main home mortgage in the Egyptian law<br>
 <br>The effect of the mortgage in between the contracting parties:<br>
 <br>Firstly: The mortgager:<br>
 <br>The mortgagor may dispose of the mortgaged residential or commercial property as long as such actions do not impair the mortgagee's right.<br>
 <br>The mortgagor retains the right to handle the mortgaged residential or commercial property and to collect its returns and leases approved by the mortgagor are not enforceable versus the [mortgagee](https://dtelle.com) unless it was notarized before the registration of the expropriation notice.<br>
 <br>However, if the lease was not notarized in this method, or it was concluded after notarizing the notice and the lease was not paid in advance, so it will not be  unless it can be considered part of the excellent management work. If the lease term prior to notarizing the home mortgage notification exceeds 9 years, it will not be efficient versus the mortgagee creditor other than for a period of nine years just unless it was signed up before the mortgage was signed up.<br>
 <br>The mortgagor is accountable for guaranteeing the security of the home mortgage residential or commercial property. The mortgagee financial institution has the right to challenge any actions or negligence by the mortgagor that might considerably lessen the value or safety of the residential or commercial property, and in immediate cases the mortgagee may take necessary protective steps and seek repayment from  the mortgagor, from any costs incurred.<br>
 <br>If the mortgagor negligently triggers the damage or damage of the mortgaged residential or commercial property, the mortgagee lender has the choice to demand sufficient [insurance](https://setiaskyvista.com) to cover the loss or to immediately gather the full arrearage.<br>
 <br>When the destruction or damage to the mortgaged residential or commercial property is triggered by an external element and the mortgagee declines to accept the financial obligation without insurance, the mortgagor has the choice to supply adequate insurance coverage or pay off the financial obligation immediately before the due date. If the financial obligation has no interest, the mortgagee is only entitled to the primary amount without legal interest for the period in between the actual payment date and the initial due date.<br>
 <br>Secondly: The mortgagee creditor:<br>
 <br>A third-party mortgagor's individual properties are exempt from seizure for the debtor's financial obligation. The mortgagor can not replace payments for the debtor unless agreed upon.<br>
 <br>Upon alerting the debtor of the impressive debt, the mortgagee has the right to foreclose on the mortgaged residential or commercial property and requests its sale in accordance with the procedures and timelines specified in code of Civil Procedures. If the mortgagor is a 3rd party other than the debtor, he can prevent any foreclosure proceedings by voluntarily surrendering the mortgaged residential or commercial property according to the procedures and guidelines governing residential or commercial property surrender.<br>
 <br>Any contract that approves the mortgagee the right to take ownership of the mortgaged residential or commercial property at a fixed rate upon debt default or to offer it without following the lawfully mandated procedures is void, even if gotten in into after the mortgage arrangement. However, after the financial obligation or a part of it has developed, the debtor and mortgagee can concur that the debtor will transfer the mortgaged residential or commercial property to the mortgagee in satisfaction of his financial obligation.<br>
 <br>The official home loan and its result to the 3rd party:<br>
 <br>A main home mortgage is only enforceable versus 3rd celebrations if the home loan contract or judgment developing the home loan is signed up before the third celebration acquires a right in rem in the residential or commercial property. This is without bias to the arrangements of insolvency laws.<br>
 <br>Additionally, third parties can not assert claims based upon an unregistered secured right, the replacement of one financial institution for another in this right, or the assignment of registration top priority to another [financial institution](https://www.proyectobienes.net) unless such actions are noted in the margin of the original registration.<br>
 <br>The procedures for registration, renewal, cancellation, and cancellation a main home mortgage, along with the impacts thereof, are governed by the [arrangements](https://infinityhousing.in) of the Real Estate Registration Law. The expenses of registration, renewal, and [cancellation](https://ibiolavilla.com) of a main home loan are borne by the mortgagor unless otherwise agreed upon.<br>
 <br>The termination of the official home loan:<br>
 <br>A main mortgage terminates upon the satisfaction of the secured debt or the nullification of the underlying cause for the debt. However, any authentic rights acquired by 3rd parties throughout the period in between the mortgage's expiration and its potential reinstatement remain untouched.<br>
 <br>If foreclosure procedures are finished, the official home mortgage is definitively snuffed out, even if the residential or [commercial property](https://www.realestate.bestgrowthpartners.com) ownership modifications hands. When the mortgaged residential or commercial property is sold through a forced auction, the mortgage rights expire upon the deposit of the auction proceeds or their payment to eligible registered creditors.<br>