Legaljini

Agreement to Mortgage

This Agreement is required when a person decides to mortgage his/her property to another. A mortgage agreement is a document used by the mortgagee (the lender) to secure a loan in the mortgagor's (the borrower) purchase of asset. A legal agreement that conveys the conditional right of ownership on an asset or property by its owner to a lender as security for a loan.

₹ 475.00

1

What is mortgage?

Ans.

A mortgage is a legal contract through which a borrower transfers to the lender an interest in the property so as to secure repayment of a debt.

2

What are the various types of mortgages?

Ans.

1. Simple mortgage
2. Mortgage by conditional sale
3. Usufructuary mortgage
4. English mortgage
5. Mortgage by depositing the title deeds/ Equitable mortgage
6. Anomalous mortgage.

3

What is pari passu agreement in mortgage?

Ans.

In case where a debtor takes loan from more than one lender the status of all the loan agreement shall rank pari passu i.e. to be treated on the same footing despite of the variable loan amount. Such an agreement is also known Consortium.

4

Is registration of a mortgage deed compulsory?

Ans.

Yes, every deed of mortgage except agreement to mortgage requires compulsory registration under the Registrations Act.

5

Is stamp duty payable on a mortgage?

Ans.

Yes, stamp duty is payable on all forms of mortgage deed as per the rules stipulated by the concerned State Government as amended from time to time.

 

 

STEP 1

Fill in blanks:

Fill in the blank spaces. Delete instructions highlighted in grey.

 

 

 

STEP 2

Alternations: 

Add or delete a clause according to your needs. Re-check the document.

 

 

 

STEP 3

Stamp Paper

The Stamp Duty value will be made available to you at your legaljini account on purchase of the document.

 

Stamp Duty Payment option 1

If you wish to print Agreement on Stamp Paper, you can buy from court/ Stamp office and said Stamp paper will be used as 1st page of Agreement. If you wish to have 2 copies of Agreement you should buy 2 Stamp Papers (one Stamp Paper for each copy)

 

Stamp Duty Payment option 2

If you have facility of franking for Stamp Duty payment at nearest bank, you need to print the Agreement & get franking done. If you wish to have 2 copies of Agreement you should frank 2 copies (one copy for each party)

 

 

 

STEP 4

Printing on Legal Paper:

 

 

On Stamp Paper

Print ONLY on the blank portion of the stamp paper.

 

On Ledger Paper

Print on a SINGLE SIDE of a sheet of Ledger Paper.

 

 

 

STEP 5

Number of Copies Needed:

Generally it is made two copies (one copy for each party)

 

 

 

STEP 6

Photographs & Signatures/ Thumb Impression & Initials:

The concerned parties should sign, or affix their mark and recent passport size photograph against their names on the last page of the document. This document must initialed or marked by the concerned parties at the end of every page. In addition or corrections/ alterations made after printing must be initialed.

 

 

 

STEP 7

Witness Attestation (Both Parties):

This document must be attested by at least two witnesses from both sides.

 

 

 

STEP 8

Attached Documents:

• The Hundi towards the purchase price.
• An agreement by the previous owner to convey the property.
• A tax receipt in the name of the vendee.
• And other required documents according to mortgage deed.

 

 

 

STEP 9

Registration/ Notary

Registration or Notary is mandatory for some documents. If you need clarification you may contact our Helpline at support@legaljini.com

 

Registration Mandatory

Please contact the nearest Sub Registrar office for registration of this document.

 

 

 

You Need to Know:

Mortgage Deed in some cases requires guarantee by the person who stands as a Surety for and on behalf of the Mortgagor.   

 

 

 

Please contact our Helpline, if you have any difficulty.