The rights of a renter!
A mortgagor is given certain rights by the Transfer of Property Act. After the mortgagee gets the money from the mortgagor, the mortgagor has these rights.
The mortgagee should give the mortgagor the mortgage deed and any other documents he has about the property that is subject to the mortgage. If the mortgagee is in control of the property, he has to give it back to the person who took out the mortgage.
The mortgagee is also responsible for giving the property back to the person who put the mortgage on it or to anyone else the mortgagee is told to. He may also have to sign and have registered a document stating that he no longer has any rights to the property. The name for this right is "right to redeem." If the mortgagee doesn't follow the rules, they can file a lawsuit to make them do so. We call this a "suit for redemption."
Most of the time, a person who is only interested in a portion of a property that has a mortgage on it can't ask to get out of the mortgage by paying a portion of the amount still owed.
on the home loan. A mortgagor can only get out of their loan if they meet the conditions they agreed to with the mortgagee. The mortgagor can ask that instead of giving the property back to him, the mortgagee gives the mortgage debt to someone else and gives the mortgaged property to that person. The person who has the mortgage is required to assign and transfer the loan.
When the principal money of any two or more mortgages is due, the mortgagor should be able to pay off any one mortgage separately. This is because the mortgagor gave the same person more than one mortgage.
When the mortgage is paid off, the person who put the property up as collateral is entitled to any additions that were made to the property while the mortgage was in effect.
When a mortgaged property in the possession of a mortgagee has been improved while the mortgage is still in effect, the mortgagee must give the improvement to the person who has the mortgage. The person who took out the loan does not have to pay for the improvement. If the mortgagee paid for the improvement and it was needed to keep the property from being destroyed or falling apart or to keep it safe, the mortgager is responsible for paying the cost.
These rights can be used by the mortgager or by anyone who has a claim on the property. If there are more than one encumbrances on the same property, the request of the first encumbrancer will take precedence over the request of the second.
A mortgagor has the right to look at and make copies or abstracts of any title documents for the property that are in the mortgagee's possession or power.
The costs will have to be paid for by the borrower. If the mortgaged property is leased and the mortgagee gets a new lease, the mortgagor will get the new lease when he or she pays off the mortgage.
