contador Saltar al contenido

Difference between mortgage and mortgage

The charge

indicates an impediment on the title of the property, that is, when the charge is created on a resource, the asset cannot be sold or transferred. Basically, there are three ways in which a property tax is created, which are classified according to the mobility of the property, i.e. on the mobile property, the charge is created by means of a pledge or mortgage, while when the charge is created on a real estate, therefore known as mutual .

The main purpose of creating a tax obtain financial assistance from the lender. There are many students who juxtapose the accusation and the mortgage, but they are different. The first only a guarantee, for the payment of the amount due, while the second the transfer of interest in the asset, as a guarantee. To know some more important differences between debit and mortgage, you need to check the article below.

Comparative chart

Basis for the MutuoCarica comparison
Sense Mortgage implies the transfer of property interests in a particular real estate. The charge refers to security to insure debt, by way of pledge, mortgage and mortgage.
Creation Mortgages are the result of the act of the holidays. The position created or as a result of the law or the act of the interested parties.
registration Must be registered under the Transfer of Ownership Act, 1882. When uploading a result of the deed of the parties, mandatory registration otherwise not.
Term Fixed Infinity
Personal responsibility In general, the mortgage has personal responsibility, except when excluded from an express contract. No personal liability is created, however, when it comes into force due to a contract, personal liability can be created.

Mortgage definition

The mortgage can be defined as the transfer of interest, in a particular real estate such as buildings, plants and machinery, etc. In order to guarantee the payment of the funds borrowed or to be borrowed, an existing or future debt of the bank or financial institution, which translates into an increase in pecuniary liability.

something in which the special interest in the mortgaged property, transferred by the borrower in favor of the mortgage, so as to ensure the payment of the advance money. The ownership of the property remains with the borrower (borrower / assignor), but the ownership transferred to the mortgage (creditor / assignee). When the borrower does not make the payment on time, the mortgage can sell the asset after giving the borrower a notice.

Mortgage types

Definition of charge

By the term 'charge' we mean a right created by the borrower on the property to guarantee the repayment of the debt (principal and interest on it), in favor of the lender ie bank or financial institution, which has advanced funds for the company. In a charge, there are two parts, namely the creator of the charge (borrower) and the payment holder (lender). It can happen in two ways, for example through the act of the interested parties or through the legal operation.

When a commission on securities is created, the security is transferred from the borrower to the creditor, who has the right to take possession of the property and realize the debt through legal tender. The charge on various goods created based on their nature, such as:

  • On mobile securities: commitment and hypotension
  • About real estate: mortgage
  • On life as the insurance policy: assignment
  • In storage: Lien

There are two types of charges:

Types of charge

  1. Fixed charge : the charge that is created on verifiable assets, i.e. activities that do not change shape such as land and buildings, plants and machinery, etc. known as a fixed charge.
  2. Commission mobile : when the commission is created on non-verifiable assets, i.e. assets that change form such as debtors, shares, etc. They are called mobile expenses.

Key differences between debit and mortgage

The difference between debit and mortgage can be clearly expressed for the following reasons:

  1. The term mortgage refers to a form of debit, in which ownership of a particular property is transferred. On the other hand, Charge used to mean the creation of property right in favor of the lender, to guarantee the repayment of the loan.
  2. The mortgage created by the act of the interested parties, while the accusation created either by the operation of the law or by the act of the shipper and the creator of the load.
  3. A mortgage requires mandatory registration under the Transfer of Ownership Act, 1882. Conversely, when the accusation is created following the act of the interested parties, the mandatory registration, but when the accusation created as a result of the law, no registration of this type needed at all.
  4. The mortgage for a specified term. Unlike the charge, which continues forever.
  5. A mortgage has personal responsibility, except when specifically excluded from an express contract. On the contrary, no personal responsibility is created. However, when the charge becomes effective due to a contract, personal responsibility can be created.

Conclusion

In principle, the creation of a commission provides the creditor with the assurance that the sum lent to the borrower will be repaid. On the other hand, in a mortgage, the borrower is required to pay the mortgage money, otherwise the amount will be realized by selling the asset, then mortgaged, but only by order of the Court, in a suit.