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Mortgage is a debt on real estate or goods as security for the repayment of money borrowed. The mortgage stops the owner of the property selling it until they have paid off the debt.
Victoria Law Foundation. “Legal glossary” (2015)
Mortgage is defined as a charge over real property (land) or personal property (goods) as security for the repayment of money borrowed. The creditor to whom the mortgage is made is the mortgagee, the debtor who makes it is the mortgagor. A mortgage over land should be registered to protect the mortgagee’s interest.
Peter English, Surry Partners Lawyers. “Glossary of legal terms” (2009)
Another definition of mortgage is an interest in land created by a written instrument providing security for the performance of a duty or the payment of a debt. Under the Alberta land titles system, a mortgage is a charge or lien over the land of another, whereas, under the common law, a mortgage involves the conveyance of title to the mortgagee subject to the mortgagor’s right of redemption.
Parlee McLaws LLP. “Glossary Of Common Financial and Legal Terms”, 4th ed.