Mortgage Agreement

Learn about the definition for this legal term.

What is Mortgage Agreement?

A legal instrument in which the owner pledges his/her/its title to real property to a lender as security for a loan described in a promissory note. A purchase-money mortgage is one given by a purchaser to a seller of real property as partial payment at the closing of the sale.

Further Reading

For more detailed information, see our related Contracts terms:

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